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November 10th, 2011: Update 1 – Morning

Posted by pugsma on November 10, 2011

10:55 am EST:   Here is the updated 5-min chart. 

Primary count is that the bounce to 1245.10 is a wave iv-(c) and we should see a wave v-(c) of minor 2 drop to a level between 1226.64 and 1215.42.  Below 1215.42, this primary count become invalid and we move onto the alternate count.

The alternate (blue) count has the move up to 1245.10 as a wave ii-(3) of minor C, and thus have a (1)-(2), i-ii move down.  I still have a wave (3) target of near 1205 and a wave (5) of C target of 1201, where C=A.  This alternate count become invalid with a move at 1251.82, which would confirm the primary count.

SP-500 5-min chart (10:45 am):

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