Jan 7th, 2011: Update 2 – Mid-day
Posted by pugsma on January 7, 2011
12:20 pm EST: SP-500 15-min chart added.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6d74cdb7-8030-449d-83cf-c391de27cc46
12:10 pm EST: The drop to 1266 looks like an a-b-c for wave iv-(5) of the ED. Wave v-(5) target is 1281 to 1285 by Mon/Tues.
The alternate is that 1266 is wave 2-iii-(5) and wave 3-iii-(5) towards 1297 is about to get underway and will last the next week or more.
Key support is at the 13-day EMA of 1261 and then the 1257 pivot. A close below the 1257 pivot would likely mean the long uptrend has topped.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=ca57aac9-da75-4b1f-9f87-376fbe83effa
SP-500 5-min chart (12:00 pm):
SP-500 15-min chart (12:15 pm):
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