February 9th, 2012: Update 2 – EOD
Posted by pugsma on February 9, 2012
5:30 pm EST: The McClellan Oscillator ($NYMO) continues to roll-over hard down to 17 from around 57 last Friday with the SP-500 price making new highs each day this week. This is building a large negative divergence.
Primary count has wave iii-(5) of minor 5 of major [3]-P1-C3 underway headed for th e 1363 pivot area, where iii=1.62*i. And wave v-(5) of minor 5 headed for the 1372 pivot or 1376 IHS target, where (5)=1.62*(1).
Alternate (blue) count looks like a possible Ending Diagonal (ED) for minute (5) of minor 5 of major [3]-P1-C3. This ED count for minute (5) of minor 5 looks to have ended today just below the 1355 target. A break below the lower yellow ED trend line should take the SP-500 price down to where the wedge began near 1321 for minor A of major [4]-P1-C3.
Support is at the 1348 area, and then 1342. Resistance is at the 1363 pivot and then the 1372 pivot.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
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