1/29/12 - 5 Min Update

SPX - 5 Min

I just had a chance to look at the squiggles on my 5 min chart and notice there there are five legitimate waves up. So I have made my adjustment to this count.

I have the wave i high at 1314.43 and the wave iv low at 1314.4399 so there is technically no wave 4-1 overlap.

This count sets the market up for at least a third leg up to challenge at minimum 1325 even if this were to only be a corrective bounce up.

ES does not point to a bounce at the moment but there are several hours before the open. We shall see soon.