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October 12th, 2011: Update 2 – EOD

Posted by pugsma on October 12, 2011

4:25 pm EST:  Another day, another new SP-500 high at 1220.25.  This in all likelihood completes major [A]-PB-C2 or major [1]-P1-C3 of the primary (red) and alternate (blue) counts, respectively.  However, the SP-500 price is still in the aggressive up channel and as long as the 1197.84 high for wave i-(5) of minor 5 holds intra-day, there is a possibility for  a new high above 1220.25 for wave v-(5) of minor 5.   I hav the wave (5)=1.62*(1) target as 1223.  If the top of this major wave is in place at 1220, then the retrace targets for major [B]-PB or [2]-P1 are at 1165 (38%), 1148 (50%) and 1130 (62%).    Ideally the pull-back should close hold the 1168 pivot area (+/- 7 points), which is also the 13-day EAM (1169).

Support is at 1200, then the 1187/1177/1168 pivot cluster.  Resistance is at the 1219 pivot and then the 1229 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-5000 60-min chart (EOD):

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