Nov 4th, 2010: Update 4 – EOD – Flash Blast !!!
Posted by pugsma on November 4, 2010
6:05 pm EST: Enjoy this Creed “Higher” Video in celebration of the new 2010 SP-500 high.
5:00 pm EST: If May the 6th, 2010 was the “Flash Crash”, then November, 3rd and 4th, 2010 was the “Flash Blast !!!”. The Bulls took the Bears out behind the woodshed today. And man, it wasn’t pretty if you had claws instead of horns going into today. 🙂
A new 2010 high was hit on the SP-500 today at 1221.25 !!! Bring out the party favors and hats for the bulls. Way to hang in there bulls, through the Hindenburg Omens, P3 Down Theory, etc…
The primary count continues to run higher with the minute degree wave (3) of 5-[1]-P3 exploding +23 points (+1.93%) today and +38 points (+3.2%) since the Wednesday afternoon Nov 3rd Fed QE-II Announcement wave (2) low of 1183.65. I’m thinking wave (3) is complete here at the resistance level between 1220 and 1222. I’m looking for wave (4) pull-back at most 1207 (38% retrace) before heading up the ascending triangle target of 1232 for wave (5). The 1230 area is also the 62% retracement of the cyclical bear market fall from 1575 to 667.
I do have a new alternate count (blue) that has the ascending triangle labeled one degree lower as a minute (4) of 3-[1]-P3. This would mean today’s move is the final wave (5) of 3-[1]-P3. So for this count we’ll be looking for minor degree wave 4-[1]-P3 retrace back to the 1177 pivot area for a 38% retrace fo 3-[1]-P3. This pull-back should happen over the next few weeks. Then wave 5-[1]-P3 will head to the Inverse H&S target of 1251 by the end of 2010.
The trend is your friend and so is the US Government. Have a great night all !!!
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 Daily chart (EOD):
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