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Nov 10th, 2010: Update 4 – EOD

Posted by pugsma on November 10, 2010

7:30 pm EST:  Today the  SP-500 has completed one corrective Zig-Zag (ZZ) down to 1204 in wave (w) off the Nov 5th high of 1227.  There was an (x) wave bounce that held below the 1219 pivot resistance this afternoon.   I believe there will be a second ZZ down in wave (y) to about 1196 [i..e (y)=(w)] tomorrow going into Friday.  There is an open gap at 1198 to fill and the triangle break-out support at 1196.   This second ZZ should complete wave 4-[1]-P3.  If wave 4-[1]-P3 needs more time and price reduction then there will be another (x) wave up into OPEX week and then third ZZ down in wave (z) to a target area of 1184, 23% trace of 3-[1]-P3.  This triple ZZ is my alternate count at the moment.

Once this wave 4-[1]-P3 completes near 1196 in the next few days, there will be a 118 point (W5=W1) rally to a target of 1314 for wave 5-[1]-P3 by mid-January 2011.   The absolute minimum target I have for this wave 5-[1]-P3 is the Inveres Head and Shoulders target of 1251.  But I think it will stretch to the 1315 pivot area.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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