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November 30th, 2011: Update 1 – Morning/EOD

Posted by pugsma on November 30, 2011

5:00 pm EST:  Here is a good look at the 5-min chart EOD. It sure is pretty impulse wave up!   You can see that (3)=1.62**(1) target of 1247 was hit at the close today.  But there is a v=i for (3) at 1253, so there could be a little upside left in the morning.  Then a wave (4) consolidation and to be followed by (5) of minor 1 targets at 1257, where (5)=0.62*(1) and 1272 where (5)=(1).   The minor 2 targets for a 38% retrace are at 1219/1229 basis minor 1 ending at 1257/1272, respectively.

Support is at the 1245 pivot and then the 1229 pivot.  Resistance is at the 1257 pivot and then the 200-day SMA of 1265.


SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

2:20 pm EST:  And the 4-hr chart showing yesterday’s confirmed MACD bull cross.

SP-500 4-hr chart (2:19 pm):

2:10 pm EST:   The bigger intermediate term picture of the 60-min chart.

SP-500 60-min chart (2:00 pm):

11:30 am EST:   Primary count is that wave iii-(3) of minor 1 of major [3]-P1-C3 completed at 1239.99 this morning.  We should see a small wave iv-(3) consolidation above the 1229 pivot and then wave v-(3) reach for the 1245 pivot.  Then more consolidation in wave (4) before wave (5) of minor 1 reaches for the 1257 pivot.    I think minor 1 should end between the 1245 and 1257 pivots and then we see a minor 2 retrace of not more than 38% to about the 1219 pivot support.    Then we’ll see a minor 3 of  major [3] wave that moves above 1300 going into mid-January 2012.  My initial target for minor 3 is between 1315 and 1340.

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

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