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January 26th, 2012: Update 1 – Morning

Posted by pugsma on January 26, 2012

11:25 am EST:  The move up to 1333 this morning looks like the completion wave 3 of v of (5) of minor 3 of major [3]-P1-C3.  I’m expecting the wave 4 pull-back to hold above the wave 1 level 1316.63 and then wave 5 will reach my 1335/1336 target to complete minor 3.  Alternately (blue) we have 1333 as the completion of minor 3 and wave (a) of minor 4 is underway headed to the 1303 pivot.  The key marker is 1316.63.  A move below 1316.63 will confirm the top of minor 3 is in place.

SP-500 5-min chart (11:23 am):

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