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November 2nd, 2011: Update 2 – EOD

Posted by pugsma on November 2, 2011

4:40 pm EST:   Primary (white/green) is that we have a major [2]-P1-C3 low at 1215 yesterday and we are looking at a (1)-(2), i-ii move up.   We are set for a iii-(3) move up tomorrow, with a wave (3) target of 1263, where (3)=2.62*(1).  There is also a 1293 target for wave (3), where (3)=4.25*(1).

The alternate (blue) count is that we are in the process of the second leg of a double Zig-Zag (i.e. a-b-c-x-a-b-c) up to 1254 to complete minor B of major [2]-P1-C3.   It looks like we could be in the final c-leg up of the second ZZ heading into tomorrow.  From the 1245/157 pivot area for the completion of minor B, we should see large sell-off for minor C of at least equal to minor A (78 points) down to 1167/1176.  The 50% retrace of major [1] is at 1184 and the 62% retrace is a 1158.

Support is at the 1229 pivot and then the 1219 pivot.  Resistance is at the 1245 pivot and then the 1257 pivot.

 

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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