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Feb 4th, 2011: Update 3 – Afternoon

Posted by pugsma on February 4, 2011

3:20 pm EST:  And here his how beautiful this Bull market looks on the daily chart. 🙂

SP-500 Daily chart (3:15 pm):

3:10 pm EST:  As my good buddy Kramer from Seinfeld is prone to say:  Giddy Up!   

With Dr Copper and the Nasdaq breaking out to news highs today, this has me convinced the SP-500 is headed for the 1363 pivot to complete wave 3-[3]-P3.   The new primary count is the old alternate count.   Wave iii-(5) is about to get underway with a target of 1348, where iii=1.62*i.  However, I’m leaving open the possibility (blue marker) of a wave ii-(5) flat to test support at 1291/1295 area one more time early next week before take-off in wave iii-(5) towards 1348.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=f771e98c-b0e6-4432-b5ac-f01739a5b6a7

SP-500 15-min chart (3:00 pm):

SP-500 60-min chart (3:00 pm):

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