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Jan 31st, 2011: Update 3 – Afternoon

Posted by pugsma on January 31, 2011

2:30 pm EST:  For the primary count it looks like wave a-(b) ended at 1287.  Now working on b-( b) down to about 1280/1282.   Then c-(b) up to about 1290/1292.  For the alternate count 1287 maybe the end of i-(5) and we are working on ii-(5) down to 1280/1282.  Wave iii-(5) should target about 1315 if iii=2.62*i.

A close below 1275 would indicate that wave (b) is finished and wave (c) down is already underway.  A close about the 13-day EMA of 1285 would likely mean wave iii-(5) is already underway and a new high above 1303 should material over the coming week.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=bc94657b-dab5-4ee2-b699-f3cef7f0879f

SP-500 5-min chart (2:20 pm):

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