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Nov 24th, 2010: Update 3 – EOD

Posted by pugsma on November 24, 2010

5:10 pm EST:  I’m offering a “Holiday Special ” Premium Service: The balance of November and all of December at a discounted rate of $25.  E-mail me at pu_gridiron@yahoo.com to get started today.

Enjoy this Alanis Morissette Video: “Thank You“

5:05 pm EST:  After the 1177 pivot held yesterday and twice overnight in ES trading, the SP-500 made another nice 17 point (+1.5%) advance today to keep my primary count front and center.  Yesterday’s low of 1176.91 that held the ultra-important 1177 pivot was marked as the minute degree wave (2) of 5-[1]-P3 low.  Today’s advance higher was minute degree wave i-(3), which reached my upper target of 1198.  It looks like there could another small move higher to complete wave i-(3) in trading on Friday to reach the 1204 to 1206 area.  Next I’m looking  for a wave ii-(3) retrace 50/62% to hold above the 1187 pivot.  From there the wave iii-(3) target is 1230 for wave iii-1.62*i.  And minute degree wave (3) should reach about 1248 for wave (3)=2.62*(1).    Ultiamtely for minor degree wave 5-[1]-P3 I’m looking for a peak between 1251 (IHS target) and 1291 (minor W5=W1).

The alternate count (blue), given a low probability (i.e. under 20%) as long as the 1177 pivot support continues to hold, is that the drop to 1176.91 yesterday and the rise to 1198 today is a flat for minute degree wave (b) of 4-[1]-P3.  This implies that after maybe a small push higher on Friday to the C=A target of 1204, before there will be a 40 to 50 point drop for wave (c) of 4-[1]-P3 down to a target area of 1156  (38% retrace of minor wave 3).  This would make minor wave 4 a complex corrective wave.

I want to Thank Everyone who contributes to this blog via the comment section during intra-day trading.  It’s been a great community that just keeps getting better.  Enjoy the Thanksgiving Holiday with your family and friends.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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