Tuesday, December 28, 2010

S&P 500 ~ Intraday Update 1 ~ 28 December 2010

The SPX hit another new yearly high today at 1260:

Zoomed out (chart posted on Dec 16th):

At 1260 wave (iii) equals wave (i) so this could be the top wave (iii) (as shown in the chart above). Once wave (iv) is completed there is only one more wave up to come to complete Intermediate wave (1) early January.

I still like the price target of 1290 (wave 1 = 5) and the time target of January 5th (wave 1 = 5) for wave 5, so let's see if the market can achieve it ; )

Chart posted on Dec 1st (Time and Price target for wave 5)

Important support areas are shown in the first chart. Below 1246 the rally may have topped and below 1233 I think wave (1) is completed and wave (ii) to the mid 1100's is underway.