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October 17th, 2011: Update 2 – EOD

Posted by pugsma on October 17, 2011

5:05 pm  EST:   Again today went as forecast on Friday, Oct 14th.   For both counts, the minor A of the major [B]-PB or [2]-P1 correction is underway from the 1224 high for major [A]-PB or [1]-P1.  It looks like we may have a (1)-(2), i-ii start to Minor A.  I’m expecting wave (3) to target the 1187 pivot, where (3)=1.62*(1) and minor A should complete near the 1177 pivot, which will lead to a minor B bounce of about 50% up to the 1200 area.  Form there minor C should target either the 38% retrace (1168) or 50% retrace (1150) to complete major [B]-PB or [2]-P1.

Support is at the 1187 pivot, 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):

SP-500 4-hr chart (EOD):

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