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Nov 29th, 2010: Update 3 – EOD

Posted by pugsma on November 29, 2010

5:15 pm EST:  Minor wave 4-[1]-P3 bottomed today at 1173.64 after a complex corrective of a Zig-Zag – X- Flat that lasted almost 4 weeks.  This count alternates perfectly with minor wave 2 and satisfies the time requirement of a minor wave 4.   The SP-500 set a triple bottom at 1173, just like the triple bottom at 1040 from minor wave 2.  The key 1168 to 1177 pivots held as support for over a one month.   The market is set to rally for the rest of 2010 into early 2011.

The keys things to note today were: 

  1. Dr Copper stayed strong during the SP-500 sell-off.
  2. The VIX was stopped by the 200-day SMA and reversed putting in a topping candle.
  3. The Financials were strong all day.
  4. The SP-500 had a major reversal at the 50-day SMA and put in a bullish hammer candle.
  5. Positive divergence on SP-500 Daily RSI and Full-Sto with bull cross on Full-Sto.
  6. Positive divergene on McClellan ($NYMO) with respect on Nov 16th low of 1173 on last two tests of 1173.

For the primary (and only count), the rally off 1173.64 was the beginning of wave i of 5-[1]-P3.  I’m expecting a test of the 1195 to 1198 gap area before a wave ii to pull-back to the 1187 pivot.  The target for minute wave (1) is around the 1229 pivot.

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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