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February 13th, 2012: Update 2 – EOD

Posted by pugsma on February 13, 2012

5:25 pm EST:   Major [3]-P1-C3 topped at 1354.32 last Thursday or will top at near 1358 very soon (tomorrow).   I’m expecting a major [4]-P1-C3 correct down to test support at the 1303 to 1315 pivot area.

The primary count fastest way to the end of minute wave (5) of minor 5 of major [3]-P1-C3 has a target at 1358, where (5)=(1).   There are also higher targets at 1371, where (5)=1.62*(1) and of course the long-standing large IHS target of 1376, but I think those highs are less likely.   It looks like wave iii-(5) completed at 1353.35 late today and now we should look for wave iv-(5) must remain above the wave i-(5) high of 1343.27 to keep this primary count valid.

The alternate (blue) count is that we experiencing a deep minute wave (2) retrace for minor A of major [4]-P1-C3.  Wave (2) has hit 1353.35 and can’t move above the previous high of 1354.32 and remain a valid count.  We should very soon see a violent wave (3) of minor correction down towards 1325, where (3)=1.62*(1) if this alternate count is correct.  My target for minor A remains at 1321, which is also the double top target (i.e. 1337 – (1354-1337)).  From there a minor B bounce of about 50% to 1338 should occur before minor C of major [4]-P1-C3 reaches the 1303 to 1315 pivot area.

Support is at 1346/48 and then 1337. Resistance is at the 1354 high and then the 1363 and 1372 pivots.

 

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

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