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December 1st, 2011: Update 1 – Morning

Posted by pugsma on December 1, 2011

10:30 am EST:   Welcome to December.  Everything is right on schedule this morning.  We got a higher, high for wave v-(3) at 1251.09 this morning.  I had a v=i target at 1253.   After wave (3) completes, I’m looking for a wave (4) to back-test the iv-(3) area of 1233 or higher, before wave (5) reaches at least the 1257 pivot (where (5)=0.62*(1)) or the 200-day SMA of 1265, where (5)=(1) at 1272.

SP-500 5-min chart (10:23 am):

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