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November 7th, 2012: Update 2 – EOD

Posted by pugsma on November 7, 2012

5:35 pm EST: The primary count is that major [4]-P3-C3-SCV ended today at 1388 or will end tomorrow above the 1380 wave [1]-P3-C3 high. The first target for minor 1 of major [5]-P3-C3 is at the 1440 pivot. Note: a move below 1380 will invalidate this primary count and lead to the alternate (blue) count discussed below.

The alternate (blue) count is that P5-C1-SCV ended at 1475 and now a cycle degree wave 2 of super cycle V (C2-SCV) is underway that will retrace between 38% (1167) and 62% (975) of the entire 3.5 year bull move up from 667 to 1475. Major [1] of PA-C2 ended at 1430 and major [2] at 1464. The drop to 1403 was minor 1 of major [3]-PA and the move back up to 1433 was minor 2. Today began the minor 3 of major [3] down, with a first target at 1334, where minor 3 = 1.62*minor 1. Ultimately PA-C2 should reach the 1257 pivot area in early 2013 before any significant bounce for PB-C2.

Support is at the 1386 pivot area and then the 1372 and 1363 pivots. Resistance is at 1403 to 1407, then the 1422 to 1427 band and finally the 1440 pivot.

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 Daily chart (EOD):

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