January 17th, 2012: Update 1 – Morning
Posted by pugsma on January 17, 2012
10:30 am EST: This morning the primary count for wave iii-(5) of minor 3-[3]-P1-C3 is right on target for 1307, where iii=2.62*i as shown on my 5-min chart from Friday Jan 13th. So far we have hit 1303 and this could be the end of wave iii-(5) and now wave iv-(5) is underway, in which case wave iv-(5) can’t breach the wave i-(5) level of 1287.04. I’m looking for v-(5) of minor 3 to reach at least the 1315 pivot where (5)=(1). There is also an extended wave (5) of minor 3 target at 1344, where (5)=1.62*(1).
For the alternate count the Ending Diagonal for minor C of major [Y]-PB-C2 has been violated. So now we just have to count minor C as a typical 5-wave impulse. The minor C=A target is 1311 to complete Primary B (PB). For this count wave (5) of minor C will end as 5-waves up from the Friday Jan 13th low of 1277.58. So far we can count 3-waves up to 1303 or wave iii-(5) of minor C. We are looking for wave iv-(5) to hold above the wave i-(5) high of 1287.04 and then a final wave v-(5) of minor C push above 1303 to complete major [Y]-PB-C2.
SP-500 5-min chart (10:55 am):
SP-500 15-min chart (10:30 am):
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