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November 29th, 2012: EOD Update

Posted by pugsma on November 29, 2012

5:15 pm EST:  The primary count is that wave (1) of minor 3 of major [3]-P3-C3 ended today at 1420.   I’m expecting a wave (2) pull back to the 50% retrace target area of 1402 over the next day or two.  From there wave (3) of minor 3 of major [3] should head upward towards a 1459 target, where (3)=1.62*(1).  And minor 3 target is at 1492, where M3=1.62*M1.

I have a new alternate (blue) count that is slight variant of the primary count above.  It would be that minor 1 of major [3]-P3-C3 ended today at 1420 and there will now be a minor 2 retrace to a target area of 1382/1372 or the 50%/62% retrace of minor 1.  From the minor 2 low,  minor 3 will head upwards toward the same 1492 target as the primary count.

The old alternate (blue) count has been re-done as an alternate (red) count since it’s very bearish IT/LT term over the next 6 to 12 months. This alternate (red) is of very low probability now and will be eliminated if the SPX price moves above 1430 during this major [4]-PA-C2 wave.

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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