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January 24th, 2012: Update 1 – Afternoon/EOD

Posted by pugsma on January 24, 2012

5:55 pm EST:  Here are the updated 5-min, 15-min and 60-min charts.   I have changed the primary count to make the alternate count variant the new primary.    Wave iv-(5) of minor 3 of major [3]-P1-C3 ended today at 1306 holding above the key level of 1303 for wave i-(5).  I’m now looking for minor v-(5) of minor 3 to reach my targets of 1326, where v=0.62*i or 1335, where v=i.  There is also a minor 3 target at 1336, where M3=1.23*M1.  From the 1326/1335 area I will be looking for minor 4 wave pull-back to at the least the 1303 pivot area and maybe as low as 1279.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

1:35 pm EST:   The primary count is still looking for a drop below 1303 to confirm.  The first target area is 1297 to complete wave iii-(a) of minor 4 either late today or tomorrow.  The alternate (blue) count has completed wave iv-(5) of minor 3 at 1306 this morning and a should reach a new high above 1322 for wave v-(5) of minor 3 at the 1326 to 1335 targets tomorrow.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=49c26d88-b297-4b43-831b-285b0e8bcd49

SP-500 15-min chart (1:28 pm):

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