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December 21st, 2012: EOD Update

Posted by pugsma on December 21, 2012

4:50 pm EST:   The SP-500 looks to have put in the wave ii-(3) of minor 3 of major [3]-P3-C3 low today at 1423 or there could be slightly lower low ahead at either 1420 (78% fib) or 1416 (88% fib).  Assuming 1423 is the wave ii-(3) low, then the wave iii-(3) target is 1481, where iii=1.62*i and the wave (3) of minor 3 target is at 1518, where (3)=2.62*(1).

The key level to hold to keep this primary count valid is of course the wave (2) of minor 3 low at 1412.  Below 1412, there is the minor 2 low of 1398 that must hold.  Anything below 1398, means the primary count is wrong and move back to test 1343 or much lower is more likely underway.  So next week we should keep a watchful eye on 1412 and then 1398 on any further weakness.

Support is in the 1422-1427 range and resistance in the 1440 pivot range.   The SP-500 need to move above 1448 to confirm the primary count of a wave iii-(3) of minor is underway headed much higher.

House Keeping:  I’m off work (vacation) from my engineering job from today Friday, Dec 21st through Wednesday Jan 2nd.   I will be updating the blog on days the US Markets are open, but I may not be around to comment as much as normal.  Wishing everyone a safe and Happy Holiday Season.  Don’t forget to submit payment for 2013 if you plan to say on as a subscriber.  If you have previously sent me a signed TOS Agreement, then no new TOS is required.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-21-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-21-12

3:45 pm EST:  Here is a quick update on the AAPL wave count via the 15-min and 60-min charts.  It is still possible that 501 was major [C]-P4 low, as I can 5 waves up from 501 to 535 for minor 1 of major [1]-P5.   So as long as 501 holds during this minor 2 pull-back, then the count is still valid.   Today’s low of 510 was 73% retrace of minor 1.   Assuming 510 holds as the minor 2 low, I have a minor 3 of major [1] target at 599, where M3=2.62M1.

There is alternate (blue) count where wave minor 5 of major [C]-P4 is still in the process of working its way lower in an Ending Diagonal (ED).  The recent 535 level would be the wave (4) of minor 5 high and now wave (5) of minor 5 is headed to a slightly lower, low than 501.  The ED maximum would 486.

AAPL 15-min chart (EOD):

PUG AAPL 15-min chart EOD 12-21-12

AAPL 60-min chart (EOD):

PUG AAPL 60-min chart EOD 12-21-12

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