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Jan 24th, 2011: Update 3 – Mid-day

Posted by pugsma on January 24, 2011

1:40 pm EST:  Here is the updated 5-min chart. Looks like 5th wave of c-(2) underway for the primary count.   If c=0.62*a, then I get 1294 for the wave (2) target or right at a double top near 1296. 

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=03d5b3a6-8ec8-44e1-ae48-32045fbee869

SP-500 5-min chart (1:32 pm):

12:05 pm EST:  With today’s bullish development there are some subtle changes in the two counts.  For the primary count, I’m now looking for wave (2) of A-[2]-P3 to double top near 1296.05 before wave (3) starts down.   Wave (2) can end anytime between now at 1289 and 1296.

For the alternate count the wave (4) triangle is replaced with a sharp Zig-Zig down to 1271.26.   This alternates with the wave (2) flat that occured near 1173 back in late November 2010.   Wave (5) of 5-[1]-P3 has been underway since the 1271.26 low.  It looks like wave ii-(5) ended this morning at 1282.47 and wave iii-(5) is underway and could reach the old high of 1296.06.  I’m expecting wave (5) to end near the 1303 pivot by mid-week.  So basically alternate count is calling for marginal new high to be made above 1296.06.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=9674c190-030c-4177-8fe2-030ada745686

SP-500 15-min chart (11:51 am):

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