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December 13th, 2011: Update 1 – Mid-day

Posted by pugsma on December 13, 2011

11:50 am EST:   Here is the updated 5-min chart.  

For the primary count today high of 1249.86 ends wave (1) of minor 3 of major [3]-P1-C3.   The current retrace to 1236.83 maybe all or part of the wave (2) retrace.   Wave (2) targets are at 1236 (62%) and 1232 (78.6%).     Basis 1236, the wave (3) targets are 1273, where (3)=1.62*(1) and 1296, where (3)=2.62*(1).  This primary count remains valid above the minor 2 low of 1227.25.

For the alternate (blue) count, I have labeled 1227.25 as the end of wave i-(c) of minor 2 and the move up to 1249.86 as wave ii-(c).    The current move lower is part of wave iii-(c) that should breach the 1227.25 low and target the 1219 pivot area.  The first target for the completion of wave v-(c) or minor 2 is the 50% retrace of 1213.  And there is lower target at the 62% retrace of 1199, although 1199 would be really stretching the bull count scenario with the decisive break of the 50-day SMA (1224).

 

SP-500 5-min chart (11:30 am):

SP-500 15-min chart (12:05 pm ):

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