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Nov 9th, 2010: Update 4 – EOD

Posted by pugsma on November 9, 2010

5:05 pm EST:  Minor degree wave 3-[1]-P3 terminated about were expected at 1227.    The idealized Elliott Wave target was 1040 + 1.62 (1129-1011) => 1231 and the ascending triangle minute degree wave (4) target was 1196 + (1196-1160) => 1232.  So it came up just a bit short.  The pivot resistance at 1229 rejected any further advance.

The minor degree wave 4-[1]-P3 correction began today.  I’m expecting this wave to be a triangle or some type of complex corrective to alternate with the wave 2-[1]-P3, which was a A-B-C simple Zig-Zag.   The first target I have for wave a-(a) of 4-[1]-P3 was 1207.  The SP-500 hit 1208.94 this afternoon and bounced.  I’m next expecting  a wave b-(a) to bounce to a target the 1219 pivot.  Notice that this 1219 pivot support was breached today and became resistance on the first back-test this afternoon.  This implies lower prices are ahead as long as this 1219 holds as resistance.  Ultimately, I’m looking for c-(a) to target the 1187 to 1196 area over the next few days.   There is pivot support at 1187 and it is the 23% retrace target for wave 4-[1]-P3.  However, I don’t expect 4-[1]-P3 to end there in time.  I expect wave 4-[1]-P3 to last at least 2 to 3 weeks and play out as a complext triangle wave between pivot support at 1187 and resistance at 1219/1229.

Ultimately wave 5-[1]-P3 will break above pivot resistance at 1229 and head for the 1257 pivot area or even up to the 1315 pivot by the end of Dec 2010 to early Jan 2011.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60m-min chart (EOD):

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