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December 20th, 2011: Update 2 – EOD

Posted by pugsma on December 20, 2011

4:45 pm EST:   The minor 2 low formed with the positive divergence of the $NYMO that I predicted would occur intra-day yesterday with an SP-500 price close below 1211.  BAM!   Minor 3 up is underway.   No point yet in trying to count the minutte degree waves, as wave iii-(1) of minor 3 of major [3]-P1-C3 is underway and more that likely still unfolding.   It’s however possible that wave iii-(1) will find resistance here at the 1245 pivot and then back-test the 1229 pivot in a wave iv-(1) before heading higher in wave v-(1) toward my 1257 pivot target area. 

At this point I won’t talk about the alternate (blue) count shown on the 60-min chart, unless the 1219 pivot support is lost again.

Support is at the 1229 pivot and then the 1219 pivot.    Resistance is at the 1245 and then the 1257 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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