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Jan 24th, 2011: Update 2 – Morning

Posted by pugsma on January 24, 2011

10:20 am EST:  Ignore the counts for a minute, keep an eye on the upper purple channel line and the 15-min MACD “buy” signal.  If the SP-500 breaks above 1287 with a MACD “buy” signal the move towards 1303 maybe underway earlier than expected.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=e93607d1-0438-480a-8741-c0f32d55b3db

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

10:10 am EST:  For the primary count, this early morning bounce higher to 1285.88 should have completed ii-(3) and iii-(3) should start soon with a drop through support at 1278.   If the support at 1278 continues to hold then look for the alternate count to become the primary.

For the alternate count we should see a c-C drop to about 1278 to complete wave C of the triangle.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=5c2f8b39-4c80-49e4-bb79-03d9e92ae62c

SP-500 5-min chart (10:01 am):

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