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November 8th, 2012: Update 1 – EOD

Posted by pugsma on November 8, 2012

5:05 pm EST:  With the break of 1380, the primary count has been modified to label the 1475 high as the end of major [1]-P3-C3 and this on-going 2 month old correction is major [2]-P3-C3.    The typical retrace targets for a wave 2 are 50% and 62%.   The 50% retrace is at 1371 and the 62% retrace is at 1346.  I’m expecting major [2] to end in this range if it’s not already over at today’s low of 1377.   There is pivot support at 1372 and 1363.   Once [2] ends, the major [3]-P3-C3 wave will make a new high above 1475 into early 2013.

The alternate (blue) count is in the heart of a wave (3) of minor 3 of major [3]-PB-C2 headed much lower.  The wave (3) target area is 1348, where (3)=1.23*(1) and the minor 3 target is at 1334, where minor 3 =1.62*minor 1.  Ultimately, PB-C2 should reach the 1257 pivot area before it’s over and we get a PB-C2 bounce back up the 1363 pivot area.

Support is at the 1372 pivot and then the 1363 pivot.  Resistance is at the 1386 pivot and then the 1422 to 1427 area.

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 Daily chart (EOD):

SP-500 Weekly chart (EOD):

AAPL Weekly chart (EOD):

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