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Jan 31st, 2011: Update 2 – Morning

Posted by pugsma on January 31, 2011

10:15 am EST:  The 15-min chart shows both near term counts, I’m considering.  The very interesting alternate wave (4) of 3-[3]-P3 flat count should terminate today at 1275 (note C=A=>1278) or wash-out to 1263 (note C=1.62*A=>1263) near the 1257 pivot support.  Then wave (5) of 3-[3]-P3 is free to extend higher above the 1303 to 1315 pivot over beyond going in Feb OPEX week.  The 15-min chart currently shows a bull cross on the MACD.

For the primary count the wave (b) of 4-[3]-P3 bounce will terminate at 1289 near the 1291 pivot resistance and then wave (c) will drop to about 1261, where (c)=(a).  This take about a week to play out.  If on this bounce the 1291 pivot resistance is taken out, then the alternate is likely in play.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=7d644d65-0d40-4603-bf69-487306766d5e

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=d54d9658-ab5b-48f7-a43b-aa6b5150a3a1

SP-500 5-min chart (10:15 am):

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

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