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December 28th, 2011: Update 2 – EOD

Posted by pugsma on December 28, 2011

8:00  pm EST:   Primary count is that wave a of (2) ended today at 1248.  Wave b of (2) should retrace about 50% to 1258 and will be followed by a wave c of (2) 20 point move to 1238, where c=a.   The 50% retrace of wave (1) target for wave (2) is at 1237.  And there is a deeper retrace target of 62% at 1228.  Once wave (2) is completes near 1237, the first wave (3) of minor 3 target is near the 1303 pivot, where (3)=(1).

The alternate (blue) count is wave (2) ended today at 1248 and wave (3) up has begun.  The first target is near 1315 pivot, where (3)=(1).

Support is at the 1245 pivot, then the 50-day SMA of 1235 and finally then the 1229 pivot.  Resistance is at 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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