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Dec 7th, 2011: Update 3 – Afternoon

Posted by pugsma on January 7, 2011

2:10 pm EST:  So far only 3-waves down off the 1278.18 high from Thursday.  Thus, it looks like a correction with more higher, highs yet to come.  Unless we close under 1261.70, then we have a clear 5-waves off the top and the alternate count will look more likely.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=54efebb1-2e65-4009-b1ba-c7364bf77c24

SP-500 5-min chart (2:00 pm):

1:40 pm EST:  Primary count is the drop to 1261.70 completed a wave ii-(5) flat.   Wave iii-(5) is underway with a target of 1297 and wave v-(5) to 1308 by around OPEX Jan 21st.

The alternate is that the SP-500 toppe at 1278.18 yesterday.  For this count to be confirmed the SP-500 must close below the 1257 pivot in the next 2 to 3 days.   Until it does, the trend remains higher in the primary count.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=06a979f4-f5db-4c37-a092-4b86695f9711

SP-500 15-min chart (1:35 pm):

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