Jan 12th, 2011: Update 3 – EOD
Posted by pugsma on January 12, 2011
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4:45 pm EST: Today went pretty much as anticipated by the primary count. Wave 3-iii-(5) hit 1286.70 and there was a wave 4-iii-(5) pull-back to 1282.95. Like I have been showing the past couple of days, I have the wave iii-(5) target at 1288, where iii=2.62*i. The SP-500 should hit this level early tomorrow. I’m looking for a wave iv-(5) retrace of about 23% to the 1282 level by Friday. Then next Tues/Wed Jan 19th/20th, I’m looking for the wave v-(5) of 5-[1]-P3 to top out around 1290 to 1292. For major degree wave [1]-P3, Minor wave 5 = Minor 1 at 1291 and it look like this will be the final target for this wonderful nearly 7 month bull run of the 1011 Primary degree wave 2 (P2) low.
There of course could be some more upside surprise that clears the 1291 pivot and heads toward the 1315 pivot. We’ll know this tomorrow if wave 5-iii-(5) decides it wants to extend beyound 1288. January OPEX is next Friday Jan 21st could mean that the SP-500 gets pinned up here near the 1291 pivot or even the 1315 pivot.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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