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October 31st, 2011: Update 1 – Morning

Posted by pugsma on October 31, 2011

12:20 pm EST:  Here is the  update 15-min chart.  The 15-min MACD has been reset nicely and is starting to turn-up toward a potential bull-cross.   The SP-500 has hit the 38% retrace for wave (4), but if it wants to correct a little more I have a c=1.62*a target of 1261 for wave (4) of minor 3 of major [3]-P1-C3.

SP-500 15-min chart (12:15 pm):

11:30 am EST:  Here are some of the things related to the MA’s, RSI and MACD I like to watch on the daily candle chart in regards to bull and bear trends.  Notice we had two real nasty “fake-outs” during the July-August 2010 P2-C1 bottom and the July-Aug 2011 PB-C2 top.   The 13 vs 34-day EMA bull vs bear cross was whip-sawed.

What is interesting so far about the C2 bottom, it that there was been no “fake-out” time action coming of the 1075 low.  This behavior is more consistent with the March 2009 low, as the P1-C1 bull run from 667 to 956 was relentless.   So far this P1-C3 bull run is very similar.

SP-500 Daily Candles (10-31-11):

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