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January 4th, 2011: Update 1 – Morning

Posted by pugsma on January 4, 2012

2:10 pm EST:  The Point and Figure chart for the SP-500 is now showing a Triple Top Breakout with a Preliminary Price Objective of 1430.

SP-500 Point and Figure Chart (1-4-12):

11:05 am EST:   Primary count is that wave iv-(3) completed at a 1268.10 as a simple a-b-c corrective this morning and that wave v-(3) has begun.  The targets for v-(3) is 1312, where v=1.62*iii and 1315 were (3)=(1).   A move above 1288.5 confirmst this primary count.

The alternate (blue) count is that wave (2) is unfolding as a double Zig-Zag with the 1st ZZ ending at 1268.10.  There will be a x-wave bounce of about 50% to 1276 and then a 2nd ZZ drop do at least the 1257 pivot and maybe the 1245 pivot area.  A drop below 1264.12 confirmst this alternate count.

SP-500 5-min chart (11:00 am):

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