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November 14th, 2012: Update 2 – EOD

Posted by pugsma on November 14, 2012

6:15 pm EST:   Here is the updated 15-min chart.

SP-500 15-min chart (EOD):

4:55 pm EST:    For the primary count I’m looking for major [2]-P3-C3 to reach the 62% retract target of 1346.   The is also a wave v=1.62*i target at 1338 to complete (c) of mnior Y of major [2]-P3-C3.  Once major [2]-P3-C3 is complete, I’m looking for minor 1 to reach the 1403 to 1410 area.

For the alternate (blue) count I’m looking for major [3]-PA-C2 to reach the 1346 to 1328 area.  Major [3]=2.62*[1] at 1346 and M5=M1 at 1328.  From 1346, I’m looking for 23% to 38% retrace for major [4] to the 1374 to 1391 area, before major [5]-PA complete at 1301 to 1313, here [5]=1.62[1].   A move above the major [1] low of 1430 during major [4] is need to invalidate this alternate count and confirm the primary count.

The two counts are about on equal footing with a edge toward the alternate count as we approach 1346 and extremely over-sold conditions on the daily MACD and RSI oscillators and on the $NYMO.    The coming bounce will separate the two wave counts.  A move about 1430 will confirm the primary count and a bounce that fails to reach 1430 and makes a new low will confirm the alternate count.

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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