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November 21st, 2011: Update 1 – Morning

Posted by pugsma on November 21, 2011

12:20 pm EST: Here is the updated 5-min chart.

SP-500 5-min chart (12:16 pm):

12:10 pm EST:   Here is the updated 15-min chart.  The 50% retrace of major [1] for major [2] has been hit at 1184.   There is good 5-wave count down out of the minor B triangle, where C=A at 1186.  However, there is also a potential for a deeper retrace to 1158 or a 62% retrace for major [2].  Also, C=A1.23*A at 1168, ,which is the lower pivot support of the 1187/1177/1168 pivot cluster.

SP-500 15-min chart (12:04 pm):

9:50 pm EST:  Clearly the market close the lower path of the alternate variant.  I have combined the two counts into one count leaving the end of the minor B wave at 1264, making the C=A target 1186 (or a 50% retrace of major [1]).  Wave (3) of C ended at 1209 and wave (4) at 1223.    This drop today is wave (5) of C.   With this count there is no restriction at 1195 for wave (5) this count.   Wave (5) is free drop as far as it needs to complete minor C of major [2], since wave (1) is the shortest wave.

SP-500 15-min chart (9:38 am):

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