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November 1st, 2012: Update 1 – EOD

Posted by pugsma on November 1, 2012

4:30 pm EST:   The SPX gapped up at the open today and ran up towards my wave (3) of minor 1 of major [5]-P3-C3 target of 1432.  The high for the day was set early at 1428 and this looks like peak of wave (3).  After the 1428 peak, there was consolidation in the 1422-1427 support/resistance band for the rest of today for wave (4).   Since wave (5)=(1) at 1439, the SPX should head for the 1440 pivot next to complete minor 1.   Of course there is always the potential for wave (3) to sub-divide, in which case the minor 1 wave could extend to 1450-1460.   Ultimately, we have a major [5]-P3-C3 first target at 1516, where [5]=[1].

The alternate (blue) is on life support, but for now I will keep it on the charts my move wave (3) of minor C of major [4]-P3-C3 down to 1403 and this move up to 1428 as wave (4) of minor C.   This will allow for one more low below 1403 for wave (5) of C at the C=A target of 1391.

Support is at the 1403 to 1407, which is a the rising 20-week SMA.  Resistance in at the 1422-1427 band, which is just below the falling 13-day EMA (1427), 34-day EMA (1431) and 50-day SMA (1434) cluster.

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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