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Dec 29th, 2010: Update 3 – EOD

Posted by pugsma on December 29, 2010

5:30 pm EST:   SP-500 new recovery high of 1262.60 hit today.

Primary count is that wave v-(5) of 5-[1]-P3 topped today at 1262.60.  I’m expecting the SP-500 to head lower for major degree wave [2]-P3 into late January 2011.  The first important level to break to confirm this count has topped is the 1243.75 wave i-(5) high, which is also the near the import 1245 pivot support. 

The alternate count(blue)  is wave-b of ii-(5) topped today at 1262.60.  Wave-c of ii-(5) should retrace to the 1245/1250 area, where c=1.61*a at 1248, going into Friday of this week.  From there wave iii-(5) should head toward 1295 going into mid-January.   Minor Wave 5 = 1 at 1291 in price and January 7th in time.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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