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December 3rd, 2012: EOD Update

Posted by pugsma on December 3, 2012

6:05 pm EST:   Note: for some reason freestockcharts.com did not update  today price action, so the attached charts only show the SP-500 price movement through EOD on Friday, Nov 30th.   But it doesn’t really change much on the charts, as we know today hit a new price high of 1424 before pulling back to close at 1310.

The primary count is that wave (1) of minor 3 of major [3]-P3-C3 ended at 1424 today.  The current pull-back is wave (2) of minor 3 and has price targets of 1405 (50% retrace) to 1400 (62% retrace).   After wave (2) completes, wave (3) of minor 3 of major [3] up should begin headed for 1463, where (3)=1.62*(1) and the minor 3 of major [3] target is up at 1492, where M3=1.62*M1.

For the alternate (blue) count variant to the primary count, today’s move to 1424 completed minor 1 of major [3]-P3-C3.  And now we are looking for a minor 2 retrace down toward targets at 1384 (50% retrace) and 1374 (62% retrace).   Once minor 2 completes, minor 3 of major [3]-P3 should head for the same 1490/1500 target as the primary count.

The very bearish alternate (red) count has major [4]-PB-C2 complete today at 1424, which is just under the 1430 major [1] threshold that it had to maintain below.  Now for this count, I’m expecting a large wave [5]-PB-C3 move down toward as the old low 1343 and more likely the 1315 pivot support area.

Major support is at the 1386 pivot and then the 1372/1363 pivot.  Resistance in the 1422 to 1427 area.

SP-500 15-min chart (EOD):

PUG SP-500 15-min 12-3-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min 12-3-12

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr 12-3-12

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