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Nov 18th, 2010: Update 4 – EOD

Posted by pugsma on November 18, 2010

4:50 pm EST:  Well today went pretty much as I scripted in the EOD update yesterday.   I called for a wave iii-A-(b) of 4-[1]-P3 to target the 1195/1197 gap and that is exactly what happened today with a top of wave iii at 1200.  Looks like a small wave iv pull-back to 1195 at the end of the day.  Next wave v should target 1205 tomorrow if wave v=i-10 points.      Then wave B-(b) pull-back to the 1187 should happen early next week before wave C-(b) heads toward the 1213/1219 gap around the day after Thanksgiving.  This is all part of a large minor wave 4-[1]-P3 symmetric contracting triangle for the primary count that buys  more time and not more price.

The alternate count is that the wave 4-[1]-P3 low occurred 1173 and this move up is part of minute degree wave (1) of 5-[1]-P3.  It really doesn’t matter much, as both counts will target at the least the 1250 area by the end of 2010. 

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60min chart (EOD):

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