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December 8th, 2011: Update 1 – Morning

Posted by pugsma on December 8, 2011

12:25 pm EST:  Primary count is minor 2 of major [3]-P1-C3 is completing as a flat over the past 4 days and his ending here near the point where (c)=(a)=1244.   The alternate (blue) count is that minor 2 will play-out as an expanded flat with a target of 1231, where (c)=1.62*(a).    There is the 38% retrace target at 1226 for minor  and there is pivot support at 1229/1219.  Also, the rising 13-day EMA is at 1235.

In either case we are looking for 5-wave down to complete wave (c) of minor 2.    I have this morning’s initial low of 1251.41 marked as wave i-(c).  So any move back above 1251.41 would indicate that wave (c) of minor 2 has likely ended.

SP-500 5-min chart (12:18 am):

10:15 am EST:  Here is the updated 5-min chart as of this early this morning.   For the primary count the key levels that need to hold are 1244.80 and then 1243.35.  Wave ii-(2) of minor 2 has to hold above 1244.80 to remain valid.   There is pivot support at 1245.  Below that the alternate count takes over.   The alternate (blue) might have put in a wave i-(c) or minor 2 at 1251.41 this morn and then a wave ii-(c) at 1257.37.   The wave iii-(c) target is 12331 and the v-(c) of minor 2 completion could be the 1226 (38% retrace of minor 1).    There is pivot support at 1219/1229.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=efcb6bd9-7bd0-4089-9392-4a0c73a9b8a0

SP-500 5-min chart (10:07 am):

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