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November 16th, 2011: Update 1 – Morning

Posted by pugsma on November 16, 2011

11:00 pm EST:  For the primary count it looks like wave (2) of minor 3 still had/has some more work to do down to the 62% retrace target of 1242 or 78% to 1236.  This mornings low of 1243.52 could have been the end of (2), but we’ll need to see a push back above the 1257 to confirm.  As long as wave (2) remains above the minor 2 low of 1226.64 (yellow lines below on 5-min chart), the primary count is still in fine shape.

The alternate (blue) count should see a continued break down through the 1245/1229/1219 pivots on the wave to a wave (3) target near 1210/1215.  However, a move back above 1264.25 and then 1277.55 kills off the alternate count (yellow lines above on 5-min chart).

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

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