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February 6th, 2012: Update 1 – EOD

Posted by pugsma on February 6, 2012

4:45 pm EST:  Nothing changed much today from last Friday’s EOD update.

The primary count is that wave iii-(3) of minor 5 of major [3]-P1-C3 ended at 1345.34 on Friday.  Wave iv-(3) is underway and may have completed at 1337.52 early today or is putting in a small flat and will test 1337 again tomorrow, before wave v-(3) heads for the 1355 to 1361 area.  I’m still looking for major [3]-P1-C3 to ultimately reach the IHS target of 1376.

The alternate (blue) count it that wave (5) of minor 5 of major [3]-P1-C3 ended at 1345.34 on Friday or will test the 1355 area tomorrow.  From there I’m looking for minor A of major [4]-P1-C3 to test the 1323 to 1315 area and ultimately minor C of major [4]-P1-C3 to reach the 1300 to 1309 target area over the next week or two.  Note a break below 1330.57 and then 1321.41 will confirm this alternate (blue) count.

Support is at the 1330 area, then 1321 and the 1315 pivot.   Resistance is at 1345 and then the 1363 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

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