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December 1st, 2011: Update 2 – EOD

Posted by pugsma on December 1, 2011

4:35 pm EST:  Another day that went precisely as forecast.  Wave v of (3) of minor 1 completed at 1251.09 this morning and then the wave (4) pull-back began.   We have a wave a of (4) at 1239.72 and wave b of (4) at 1248.53.  If wave c=a, then wave (4) should complete at 1236 or there is target at 1231 if c=1.62*a.    Once wave (4) complete, the targets for wave (5) of minor 1 are 1257 and 1272, depending on whether (5)=0.62*(1) or (5)=(1).   Once minor 1 completes you see the minor 2 targets range from 1229 to 1196, as shown on the 5-min chart.

Note, the Daily SP-500 chart has a MACD bull cross at the end of today.  Confirmation is need at the close tomorrow.

Support is at the 1245 pivot and then the 1229 pivot.  We have pivot resistance at 1257 and 200-day SMA resistance at 1265.


SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):


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