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November 17th, 2011: Update 1 – Morning

Posted by pugsma on November 17, 2011

11:55 am EST:  Here is the update 15-min chart with the minor 2 of major [3] flat count. I much prefer this count to the primary count as labeled on the 5-min chart below.   This minor 2 flat count allows for one more low below 1226.64 and above 1215.42 to complete minor 2 of  major [3].  This is my preferred primary count, whether we make a new low below 1226.64 or not.

SP-500 15-min chart (11:48 am):

10:45 am EST:    Updated 5-min chart.  Both counts still in play here.   Primary count wave (2) of minor 3 of major [3] survived the 1226.64 threshold and wave (3) should be headed for the 1291 pivot area now.  For the alternate (blue) count wave (1) of minor C completed at 1226.76 and a wave (2) bounce to 1239/1244 is under-way before a wave (3) heads lower.   I have the first target for the completion of  minor C of major [2] at 1209, which is the 51 point triangle target (i.e. 1260-51) and the 38% retrace of major [1].  There are other C=A targets at 1200 and 1182.

SP-500 5-min chart (10:36 am):

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