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December 28th, 2011: Update 1 – Morning

Posted by pugsma on December 28, 2011

10:55 am EST:    The primary count is right on track forecasting a wave (2) of minor 3 pull-back after a wave (1) move to the 1257 to 1267 area (wave (1) actually reached 1269).   So far we have a simple a-b-c for wave (2) down to 1254, which is a 23% retrace of wave (1).   This could be it for the wave (2) move and I’ll place a blue (2) there as the alternate count.  However, it’s more likely that wave (2) will retrace 38% (1244), 50% (1237) or 62% (1228).   In this later case, wave (2) will likely form a double ZZ (i.e. abc-x-abc).  There are pivot supports at 1245 and 1229 that coincide with these wave (2) pull-back targets.  Also, the bearish rising wedge begain from the 1229 pivot and many times a rising will will pull-back to the are from which is started.

SP-500 5-min chart (10:47 am):

SP-500 15-min chart (11:05 am):

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