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Novemeber 22nd, 2011: Update 1 – Afternoon/EOD

Posted by pugsma on November 22, 2011

3:10 pm EST:  Here is the updated 15-min chart.

SP-500 15-min chart (3:02 pm):

2:35 pm EST:  Here is the updated 5-min chart showing the  new low of 1181.65 for wave (5) of minor C of major [2] for the primary count.  I’m looking for wave (3) of minor 1 of major [3] to reach the 1219 to 1229 pivot area and wave (5) of minor of major [3] to reach the 1245 pivot. 

The alternate count is that move down from 1198.59 to 1181.65 is just wave i-(5) of minor C and the move up to 1196.81 is wave ii-(5).   Thus, there will be two more waves down in wave iii-(5) and v-(5) to a lower target of 1177 (pivot support), 1168 (where C=1.23*A) or 1158 (50% retrace of major [1]).   A move above the wave (4) high of 1198.50 (yellow line) would invalidate this count.

SP-500 5-min chart (2:26 pm):

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