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December 19th, 2011: Update 1 – Morning

Posted by pugsma on December 19, 2011

3:00 pm EST:  Here is the updated 5-min chart.

SP-500 5-min chart (3:00 pm):

12:35 pm EST:  Here is what I’d like to see set-up on the SP-500 Daily Chart with respect to a positive divergence in the McClellan Oscillator ($NYMO).  We need a new price low for the SPX below 1211 and a $NYMO reading above -53.  This would set-up the potential for an explosive minor 3 of major [3] rally into year-end, which would be similar to the early October chart configuration and subsequent large rally from 1075 to 1293.

SP-500 Daily Candles vs $NYMO 12-19-11:

10:30 am EST:   Ms Market is keeping everyone in suspense the past two days.

Primary count is that this has been waves i-ii of (1) of minor 3 and a wave iii of (1) is about to take off to a first target area of 1240 where iii=1.62*i or a 2nd target of 1256, where iii=2.62*i.  I have a target above the 1257 pivot for the completion of wave (1) of minor 3.  A key to confirming this count is a move above 1231.04 and then above 1237.17.

Alternate (blue) count is that wave iv of c of (y) of minor 2 is complete at 1231.03 and wave v of c of (y) is about to drop to the 1200 target area.  A key to confirming this count is a drop below 1214.55 and then below 1209.47.


SP-500 5-min chart (10:20 am):

SP-500 15-min chart (10:25 am):

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