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December 10th, 2012: EOD Update

Posted by pugsma on December 10, 2012

5:45 pm EST:  Today’s upward price action produced a bull-cross of the 13-day EMA (1409) above the 34-day EMA (1408), which typically signals an intermediate term trend change confirmation (i.e. agrees with the primary count).

For the primary count, wave iii-(3) is unfolding with a target of 1453, where iii=2.62*i and a wave (3) target of 1461, where (3)=1.62(1).

For the alternate (blue) count, the move up to 1422 today was still part of the (b) wave of a minor 2 flat or expanded flat.   There should still be a sizable drop for (c) of minor 2 down to the 1396 to 1380 are depending on if (c)=(a) or (c)=1.62(a).   Note the limit of (b) of minor for the expanded flat option is at 1430, where (b)=1.23(a).  A move above 1430 would invalidate both the alt (blue) and alt (red) count options.

Support is at the 13-day EMA of 1409 and then 1386 pivot. Resistance in the 1422 to 1427 and followed by the 1440 pivot.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-10-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-10-12

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