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

The SPX is up more than 2 % today and above 1200. If we get a close around these levels (preferably above ES 1206) then wave 5 to 1250/90 should be underway.

The bottoming processes of waves 2 and 4 look very similar imo:

Back in late August 1040ish was tested three times and then on September 1st we got a huge 30 handle rally, which was the start of wave 3 up.
Late November the 1175 area was tested three times as well and today, on December 1st, we've got a 25 handle rally so far which might be the start of wave 5.