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October 20th, 2011: Update 2 – EOD

Posted by pugsma on October 20, 2011

4:50 pm EST:   I have minor A of major [B] or [2] ended today at 1197, which played out as forecast yesterday EOD.   The minor B of major [B] or [2] wave  looks like it might have put in a quick (a)-(b)-(c) Zig-Zag up to 1219, where (c)=0.62(a).    A more typically Zig-Zag has (c)=(a), which is 1226 in this case.  So there could be a small amount of upside left early tomorrow.  However I think minor B is complete at 1219 and  toward the end of today we began the minor C drop down to 1183, where C=A or 1275 (38% retrace of major [A]).

Support is at the 1187 pivot and then the 1177 pivot.  Resistance is at the 1219 pivot and then the 1229 pivot.

Dr Copper continued it’s hard fall today and now has a massive negative divergence with the SP-500 price.  So it’s possible that the this minor [B] or [2] wave could retrace even deeper than 1175 (38% retrace) based on Dr Copper price action.  Also, the 4-hr chart produced a confirmed MACD bear-cross today at 4:00 pm EST.  This 4-hr chart MACD bear-cross come from a very elevated level and has signaled a deep retrace the past three times it occurred.  Both to these items bares watching as this correction unfolds.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 daily chart (EOD):

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