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Jan 19th, 2011: Update 3 – Mid-day

Posted by pugsma on January 19, 2011

1:00 pm EST:  Wave i-(1) of the primary count is still evolving and looks to have found a 5th wave low near 1283.  Also, this 1283 area is a 38% retrace from 1296 and could represent the iv-(5) low for the alterante count as re-labled on the 5-min chart.

SP-500 5-min real-time link: http://www.freestockcharts.com?emailChartID=c5ea772d-27d8-4b3c-bacc-6926be1d0ceb

SP-500 5-min chart (12:53 pm):

12:10 pm EST:   I can count 5 small waved down off 1296.06 to 1285.28.   This the first really good sign that the top of 5-[1]-P3 could be in place.  The the 5-min and 15-min charts below are my best estimate on how the primary and alternate counts may play-out the next week or so.   Very near term I’m looking for a bounce to test the 1290/1292 are for both counts.   From there a drop to 1280/1283 for wave iv-(5) of the alternate count to be followed by a bounce to a new high above 1296 for wave v-(5) of 5-[1]-P3.  If the support at 1278/1280 cracks on the next drop, then wave iii-(1) or A-[2]-P3 is likely underway with a first target area of 1272/1274 and a wave v-(1) target of about 1267.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=cf165462-4b3d-403e-b390-e4c7eb520c6e

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=57d65d60-840f-4fb0-b8ff-ba3b63a8c5f2

SP-500 5-min chart (11:55 am):

SP-500- 15-min chart (11:56 am):

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