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Nov 2nd, 2010: Update 3 – Afternoon

Posted by pugsma on November 2, 2010

1:50 pm EST:  OK for the bears out there, I believe the best alternate count (blue) is that this move is playing out as the last wave c-v-(5) of  3-[1]-P3 in a large ending diagonal (ED) triangle.   The maximum target for this ED count is 1208.13.  And it could terminate at any point from 1194 to 1208 and reverse hard down to 1150 to 1160 support for wave 4-[1]-P3.   

The SP-500 is struggling with the 1194 resistance, which is the 200-week SMA that stop the April run at 1220.  If the SP-500 can close today above 1187, then with a good election result (i.e. republicans when both houses) the SP-500 could burst higher and reach the 1202 to 1208 area.   Before the “sell the news” QEII fed announcement tomorrow afternoon.  But of course the — announcement could lift the market even higher to my primary count target of 1232. 

So watch the 1202 to 1208 area tomorrow early and of course watch the for how the market reacts to the election results and the fed QE-II annoucement. 

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=4e839654-5d92-4f00-8cf7-83428831e09e

SP-500 15-min chart (1:35 pm):

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