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November 2nd, 2012: Update 1 – EOD

Posted by pugsma on November 2, 2012

4:30 pm EST:  Today saw the completion of 5-waves up to 1434 off the 1403 low.  For the primary count this ended wave minor 1 of major [5]-P3-C3.   The minor 2 retrace has already reached the 62% retract target of 1415 and may reach the 78% retrace of 1410 on Monday.  For the primary count or remain valid the 1403 low must not be breached during this minor 2 pull-back.   Assuming minor 2 ends at 1415 to 1410, then the minor 3 targets are 1491 to 1496, where  M3=1.62*M1.  And the major [5]=[1] target is at 1516, that will complete the P3-C3 wave.

The alternate (blue) count has some new life at the close today.  For the alternate (blue) count move up to 1434, looks like a wave (4) flat of minor C of major [4]-P3-C3.  Wave (5) down towards a target of 1391, where C=A, is under way.  Waves i-ii of (5) are complete at 1423 and 1428 and the wave iii-(5) target is at 1399, where iii=2.62*i.

Support is at 1403 to 1407 and then the 1386 pivot area.   Resistance in at 1422 to 1427 and then the 1440 pivot area.

Have a great weekend.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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