Sept 20th, 2011: Update 2 – EOD
Posted by pugsma on September 20, 2011
4:50 pm EST: A very interesting last two days. We had 3-wave down to 1188 yesterday and today we had 5-waves up to a new high of 1220.39 today, both of which tested critical pivots. The 5-waves up today rules out both the 3-3-5 flat and (x) wave (always a 3-wave) of a double ZZ for minor B. Either the 5-waves up to 1220 are the beginning wave (1) of the minor C of major [Y]-PB or these 5-waves just completed minor A of major [Y]-PB. The former is my primary, but the later is a variant of the primary that must be considered. If 62%/78% retrace area of 1200/1195 does not hold the wave (2) pull back tomorrow, then I would look for a drop to the 1177 pivot to complete minor B based on the later variant of the primary at a 50% retrace of minor A. In either variant or the primary count, I’m looking for minor C of major [Y]-PB to reach the 1246 target area where [Y]=[W].
Support is at the 1187 pivot and then the 1177 pivot. Resistance is at the 1219 pivot and then the 1229 pivot.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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