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November 14th, 2011: Update 2 – EOD

Posted by pugsma on November 14, 2011

5:00 pm EST:   The market has to make a major directional move decision here in the next day or two.   Either it must aggressively push higher above 1293 (primary count) or it will need to reset itself to at least the 1200 area (alternate count).  Daily volume has dropped to a very low-level the past 3 trading days, as traders await the next big directional move before jumping on board.  Also, the daily Bollinger Bands have gotten extremely tight, indicating a big move is coming.

Primary count is that wave (2) of minor 3 of major [3]-P1-C3 completed today at 1247.   The next move is a wave (3) to target area of 1311, where (3)=1.62*(1). 

Alternate count (blue) is that major [2]-P1-C3 is still in progress with a slow staring minor C wave targeted at 1200, where C=A.   Minor C might form some sort of ending diagonal on its fall to 1200 by mid-next week.  I have waves (1) and (2) in the books at 1227 and 1267 respectively and now wave (3) headed below 1215 is underway.

 

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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