January 10th, 2012: Update 1 – Morning
Posted by pugsma on January 10, 2012
3:40 pm EST: Here is the valid bearish intermediate-term (3 to 5 month) count for Cycle 2 to continue to a low of 1001 that should keep the bulls on edge until this critical area of 1301.24 is put into the rear view mirror. This count calls for a 296 point drop (equal to the May to Oct 2011 drop) to begin from this 1300 area on the SP-500.
SP-500 Daily Chart – Bear Count (1-10-12)
12:15 pm EST: Here is the updated 5-min chart. Breaking through 1301.24 intra-day is the key for the primary count confirmation.
SP-500 5-min chart (12:09 pm):
9:50 am EST: With the move this morning above 1288.50, the primary count is strengthen. Both the 1st and 2nd alternate counts violated the wave iii being the shortest as they were previously labeled. However, both can be re-labeled as a leading diagonal and ending diagonal respectively. In both cases the diagonal can not exceed 1301.24, so as the i > iii > v rule for diagonals is not violated.
SP-500 15-min chart (9:42 am):
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