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Feb 10th, 2011: Update 4 – EOD

Posted by pugsma on February 10, 2011

4:45 pm  EST:  Basically nothing to changed since my afternoon update.

For the primary count (white) it looks like wave 2 of v-(5) was put in for the primary count (white) above the 1315 pivot support.   The target for v-(5) is 1333, where v=0.62*i.   This should complete the wave 3-[3]-P3 move up tomorrow or early next week.  From there wave 4-[3]-P3 should target the 1275 area over the next 2 to 3 weeks.

For the alternate count (blue) I have labeled wave ii-(a) as an expanded flat to today’s high of 1322.78, just over a 78% retrace of the wave ii-(a) leading diagonal down to 1314.89.  A move above 1324.87 will invalidate this count, so basically the SP-500 needs to gap down tomorrow and keep heading south in a wave iii-(a).   The wave iii-(a) target is the 1303 pivot area by tomorrow or Monday.    For this count wave (a) should reach the 1291, wave (b) the 1303 pivot and wave (c) just above the 1257 pivot to complete wave 4-[3]-P3 in about 2 to 3 weeks time.

I still favor the primary count from more new hight above 1325, since the wave i-(5) high of 1308.86 was not breached intra-day today on the drop to 1311.74 and the SP-500 closed back above the 1315 pivot support.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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