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Feb 1st, 2011: Update 2 – Morning

Posted by pugsma on February 1, 2011

10:00 am EST:  Here is how things look 30 minutes after the open.  Realistically the 1st alternate count (blue) looks to be the path the market is taking.  But I will wait until to see if the market consolidates today’s gains and closes above the 1291 pivot to confirm.   The initial target for this count is the 1315 pivot for the completion of v-(5) of 3-[3]-P3.  However, that may only be the first wave of (5) and there could be a push up towards the 1363 pivot in a very aggressive move.  We have to monitor and adjust if the SP-500 moves above 1315.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=f854c2d7-b3b3-486f-9434-8d86017fa571

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=9301a6e2-c32c-4391-a2e0-97949898d0a1

SP-500 5-min chart (9:50 am):

SP-500 15-min chart (9:50 am):

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