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Jan 19th, 2011: Update 2 – Morning

Posted by pugsma on January 19, 2011

10:40 am EST:  Here is the updated 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=1f47faf9-36e6-4890-906c-8bf373d15db8

SP-500 15-min chart (10:34 am):

10:25 am EST:  Well we finally have a legit candidate for the top of 5-[1]-P3 at 1296.06 with many of the key criteria being met in thers of E-wave relationships.   But to confirm the top, the SP-500 will need to break though support at 1287 and then 1278.  I have a preliminary wave iii-(1)-A of [2]-P3 down targeted a 1276.

For the alternate count, holding above support at 1287 should lead to another rally to test the 1303 to 1315 pivot area in the coming days to a week.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=6612ca3e-e6e9-4791-9edc-e8f0f32debc4

SP-500 5-min chart (10:14 am):

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