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Jan 13th, 2011: Update 2 – Morning

Posted by pugsma on January 13, 2011

10:20 am EST:  Looks like iii-(5) ended yesterday at 1286.87, just 1 point shy of the 1288 target.  Wave iv-(5) looks to be underway today.  Typical retrace targets are 23%=>1281 and 38%=>1277.  There is support at 1277/1278.  The wave i-(5) high was 1272.04 and can not be breached intra-day for the count to remain valid.  This wave iv-(5) could form some type of complex corrective (i.e. triangle or double ZZ) and take a while to play out.  Wave ii-(5) was a sharp ZZ so a complex iv-(5) is likely due to the guideline of alternation.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=838ee0c2-4dfa-4968-9a63-f36816b78c08

SP-500 5-min chart (10:11 am):

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