S&P 500 ~ Intraday Update 1 ~ 13 December 2010

The SPX is rallying again today and has reached my first objective area (1245-50). In this area we've got some nice fibonacci relationships between the subwaves of this first wave up (wave (1)):

Wave 1 = 0.62*wave 3 = 1.62*wave 5.

Additionally it's the target of the big inverse H&S:

If the market just continues to move higher though then my second target (1280-1300) comes into play:

- Wave 5 equals Wave 1 at 1292
- 1280ish is the September fractal target
- At 1300 wave (1) of [C] equals wave (1) of [A] (666-956)
(- Time target early Jan (Jan 5th))