November 6th, 2012: Update 1 – EOD
Posted by pugsma on November 6, 2012
5:15 pm EST: Primary count is that today completed wave (1) of minor 3 of major [5]-P3-C3 at 1433. The wave (2) pull-back began this afternoon and may have completed at 1427 or if not then there are targets 1424 (38% retrace) and 1420 (50% retrace). Once wave (2) concludes the wave (3) of minor 3 target is in the 1462 to 1466 area, where (3)=1.62*(1). The minor 3 target remains at 1489, where M3=2.62*M1. And finally the major [5]=[1] target remains at 1516. Note that a break below the minor 2 low of 1408 would invalidate the primary count and lead to the alternate (blue) count playing out.
The alternate (blue) count has been modified to show major [4]-P3-C3 as a double zig-zag that today completed wave (b) of minor Y of major [4]-P3-C3 at 1433. This alternate (blue) would now expect a 5-wave drop for wave (c) of minor Y down to a target area of 1396 to 1391, where (c)=0.62*(a) and Y=1.62*W, respectively.
Support is at the band of 1422 to 1427, then the 1403 to 1407 area and finally the 1386 pivot. Resistance is at the 1440 pivot and then the 1465 to 1475 area.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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