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February 3rd, 2012: Update 2 – EOD

Posted by pugsma on February 3, 2012

4:30 pm EST:  What a great day for the bulls and for my long standing primary count that minor 5 of major [3]-P1-C3 will likely reach the larger IHS target of 1376.  The SPX price reached 1345 today and should have more upside potential next week.

The primary count is that wave iii-(3) of minor 5 of major [3]-P1-C3 is underway from the wave ii-(3) low of 1321 yesterday.  The target for iii-(3) is at 1359, where iii = 1.62*i.  So far we have hit 1345.34.  Ultimately I have wave v-(3) reaching the 1363 pivot area and wave (5) of minor 5 of major [3] reaching the 1372 pivot area.   The large Inverse Head and Shoulders (IHS) with neckline at 1267 has a target of 1376.  I have had 1376 listed at the target for major [3] for well over 2 months. 

The alternate (blue) count variant to the primary count is that wave (5) of minor 5 of major [3]-P1-C3 is just about to finish up at either 1343, where (5)=(1) or at 1355, where (5)=1.62*(1).  The 1355 taret is a little more likely since wave (3) was only slightly longer than wave (1), meaning wave (5) will likely extend to the 1.62*(1) target of 1355.  From this 1343 to 1355 area end major [3], wave major [4] should correct at least to a 23% retrace target of 1300/1309 into mid-to-late February.  And from there major [5]-P1-C3 should target the 1400/1400 area in March-April.

Support is at the previous high of 1333 and then the 1315 pivot.  Resistance is at the 1363 pivot and then the 1372 pivot.

Have an awesome weekend !  Go Pats !!!


SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 Daily chart (EOD):

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