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Jan 5th, 2011: Update 3 – EOD

Posted by pugsma on January 5, 2011

Annual-2011 and  Quarter 1-2011 Subscription sign-up is officially closed.  The next sign-up period for Quarter 2-2011 is March 21st-31st, 2011.  If you missed the sign-up and still want to get in,  I will do a few manual sign-ups through Sunday Jan 9th, 2011.  Send me an e-mail at pu_gridiron@yahoo.com and request a payment link for either an Annual ($240) or Quarter-1 ($75) subsciption.

4:20 pm EST:  Another new recovery high (1277.63) and closing high of (1276.55) for the SP-500 today.   The forecast trend toward the Minor Wave 5 = 1 price and time target of 1291 on Jan 10th is on track.   The SP-500 has been in a beautiful bull channel since Friday Dec 3rd.  This bull channel leads to the 1315 pivot resistance by late January and that would be the wave (5) of 5-[1]-P3 extension target if 1291 is surpassed.   As long as this bull channel is intact, there is no reason to believe the trend higher is in jeopardy.

For the primary count the move up of yesterday’s wave (4) low of 1262.66 is in wave iii-(5) with a target of 1285, where iii=2.62*i.  The wave v-(5) target is 1291.

The slight alternate variant to this count is that wave (4) is playing out as an ascending triangle with flat top at 1277.  Waves a-b of the triangle are complete with waves c-d-e remaining between 1265 and 1277.   The triangle measures 14 points and has the same wave (5) target (1277  + 14 = 1291)  of the primary count.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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