PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

January 12th, 2012: Update 1 – Morning

Posted by pugsma on January 12, 2012

11:40 am EST:  Both the primary bullish count and alternate bearish count are still viable here. 

The primary count looks to have put in a wave 4-v-(3) flat at 1285 this morning.  As long as 1283.05 holds, this count is alive and kicking.  If 1283.05 fails then the primary bullish count will need modification; possiblely as a wave (1) of minor leading diagonal with a forecast wave (2) of minor 3 correction down to the 1245/1257 pivot area. 

The alternate bearish (blue) count, now shows the ending diagonal for minor C of major [Y]-PC-C2 ending at today’s slightly new high of 1296.82.   As long as 1301.24 is not breached intra-day this ending diagonal count is valid.   Looks like 5-wave down to 1285 for wave (1) and now a wave (2) bounce to 1291/1292, before a wave (3) sell-off to 1276.

SP-500 5-min chart (11:30 am):

Sorry, the comment form is closed at this time.

%d bloggers like this: