February 13th, 2012: Update 1 – Mid-day
Posted by pugsma on February 13, 2012
12:10 am EST: Here is the updated 5-min chart for today showing the primary count fastest way to the minute wave (5) of minor 5 of major [3]-P1-C3 top at 1358, where (5)=(1). There are also higher targets at 1371, where (5)=1.62*(1) and of course the long-standing large IHS target of 1376. Wave iv-(5) must remain above the wave i-(5) high of 1343.27 to keep this primary count valid.
The alternate (blue) count is that we experiencing a deep minute wave (2) retrace for minor A of major [4]-P1-C3. Wave (2) can’t move above the previous high of 1354.32 and remain a valid count. We should very soon see a violent wave (3) of minor correction down to at least 1324, where (3)=1.62*(1) if this alternate count is correct. My target for minor A remains at 1321.
SP-500 5-min chart (12:00 pm):
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