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February 1st, 2012: Update 1 – Morning

Posted by pugsma on February 1, 2012

11:005 am EST:  Here is the updated 15-min chart which still shows all three count options we are tracking.   The primary count and 1st alternate (blue) are about equal odds now with the 2nd alternate (red) count of much lower probability.

SP-500 15-min chart (10:56 am):

10:10 am EST:    With the move above 1321.41, I have modified the primary count triangle to show the (b) wave of the minor 4 triangle is condition higher.   This (b) wave can reach or even slight exceed the previous high of 1333.47.   The 1st alternate remains that the minor 4 low is in place at 1300 and the minor 5 move toward 1376 has begun.  Currently we are in the early stages of wave (3) of minor 5 per the 1st alternate (blue) count.  The 2nd alternate (red) count remains valid as long as the (x) wave does not exceed 1333.47.  But the odds of this 2nd alternate count playing out are becoming increasing lower now that the SP-500 has move aggressviely higher today.

SP-500 5-min chart (9:54 am):

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