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November 16th, 2012: EOD Update

Posted by pugsma on November 16, 2012

6:10 pm EST:   For the primary count major [2]-P3-C3 ended today at 1343.25, which is near the typical wave 2, 62% retrace target of 1346.  It looks like wave (1) and (2) of minor 1 of major [3]-P3-C3 were put in today at 1361 and 1351, respectively.  This leads to a wave (3) target of 1397, where (3)=1.62*(1).   I have a minor 1 target at 1410 to 1422.  The the first major [3]-P3-C3 target is 1551, where [3]=[1].

For the alternate (blue) count I have major [3]-PA-C2 ending today at 1343.23, which is near the major [3]=2.62[1] target of 1346.   I’m expecting major [4] move up to a retrace target area of 1371 (23%) to 1389 (38%), before major [5]-PA-C2 completes at the target area of 1301 to 1318.

Note that the primary count will be confirmed and the alternate (blue) count made invalid on a move above 1430.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 daily chart (EOD):

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