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December 2nd, 2011: Update 1 – Mid-day

Posted by pugsma on December 2, 2011

3:05 pm EST: VIX daily candles, showing the potential bullish hammer candle bounce of the 200-day SMA.  This could break weakness for the SP-500 price and foretell a minor 2 wave pull-back to the 1219 pivot.

VIX Daily Candles (3:05 pm):

12:15 pm EST:  Here is the updated 5-min chart.   I have placed the wave (4) low at 1240.12, which gave two targets for wave (5) at 1264, where (5)=0.62*(1) and 1279, where (5)=(1).   So far the market has hit 1260.08 in a 5-wave  move up.  This will be labeled the completion of minor 1 of major [3] in the primary count.    A break below 1240.12 and the lower channel line will confirm this count.  The targets for the minor 2 wave pull-back are 1221 (38% retrace), 1209 (50%), and 1197 (62%).

The alternate (blue) count is that wave i-(5) completed at 1260.08 and there will be 2 more waves iii-(5) and v-(5) higher to reach the wave (5) target of 1279, where (5)=(1).  Once minor 1 complete near 1279, the minor 2 targets are 1233 (38% retrace), 1219 (50%), and 1204 (62%).

SP-500 5-min chart (12:04 pm):

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