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December 13th, 2012: EOD Update

Posted by pugsma on December 13, 2012

6:10 pm EST:   The primary count has been modified slightly to label the 1439 high from yesterday the end of wave (1) of minor 3 of major [3]-P3.  This means the 23 point pull-back to 1416 was wave (2) of minor 3.  The next move should be a wave (3) of minor move up to 1482, where (3)=1.62(1).   The minor 3 target has been raised from 1492, to 1529, where M3=1.62M1.

The alternate (blue) count is unchanged and the drop to 1416 today was only wave (a) of minor 2 of major [3]-P3-C3.  I’m looking for (b) wave retrace of about 50% to 1428 before wave (c) of minor completes at either 1405, where (c)=(a) or 1391, where (c)=1.62(a).  There is also the minor 2 retrace targets of 38% at 1403 and 50% at 1391, so these fit will with the count.

Resistance in the 1422 to 1427 band and then the 1440 pivot.   Support is a the 1386 pivot.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-13-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-13-12

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