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January 9th, 2012: Update 1 – Afternoon/EOD

Posted by pugsma on January 9, 2012

4:25 pm EST:   Nothing new on the counts to report after the close.  Here is updated 5-min chart for tomorrow.

SP-500 5-min chart (EOD):

2:35 pm EST:   A very slow day and the SP-500 price is still within the upper channel lines.   The SP-500 price will need to make a decision very soon on which way to make a larger move.

Primary count is that the SP-500 price will break-out higher above 1284.62 toward the 3-v of minor (3) of minor 3-[3]-P1-C3 target of 1303.  And wave v-(3) of minor 3 will reach the 1315 pivot.

The 1st and 2nd alternate count expect the SP-500 make a false break-out above 1284.62 that remains below 1288.5.  Then the SP-500 price will begin to fall back toward the 1245/1257  pivot area.   The 1st alternate (blue) count will bottom for wave (2) of minor 3 at the 1245/1257 pivot area and then head much higher for wave (3) of minor 3 toward the 1315 pivot.  The 2nd alternate count (red) will continue to drop lower toward the 1168/1177/1188 pivot cluster in a major [2] flat count.

SP-500 15-chart (2:26 pm):

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