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January 27th, 2012: Update 1 – Mid-day

Posted by pugsma on January 27, 2012

12:55 pm EST:   Updated 5-min chart below.   Primary count is that wave v of (a) of minor 4 is wrapping up as a bullish falling wedge that should end between 1309 and 1306.  Alternate count is that wave c of (4) of minor 3 is wrapping up as a bullish falling wedge that should end between 1312 and 1309.  We need to see a break-out above the to of the wedge and close above the 1315 pivot today to confirm the end of the current wave lower for both counts.

SP-500 5-min chart (12:49 pm):

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