November 15th, 2011: Update 2 – EOD
Posted by pugsma on November 15, 2011
4:35 pm EST: Nothing much new to report after the close. Still in limbo, but bias is to the upside with the close above the 1245 pivot and at the 1257 pivot. The daily total volume was again very low today and the daily Bollinger Band squeezed even tighter, indicating a significant directional move is coming very soon.
Primary count is that wave (2) for minor 3 of major [3]-P1-C3 ended this morning at 1244 and waves i and ii of (3) completed today at 1264 and 1257 respectively. This should set-up an explosive iii-(3) wave higher tomorrow. The wave (3) target is 1309, where (3)=1.62*(1). A move below 1244.43 invalidates this count.
Alternate (blue) count is that wave ii-(3) of minor C played out as an inverted expanded flat to 1264 today. This should set-up an explosive wave iii-(3) down toward a wave (3) target of 1215/1220 tomorrow. A move above 1266.98 invalidates this count and to be absolutely sure of a primary count, upside break-out a move above 1277.55 is required.
Support is at the 1257 pivot and the 1245 pivot. Resistance is at the 200-day SMA of 1272 and the 1291 pivot.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.