November 20th, 2012: EOD Update
Posted by pugsma on November 20, 2012
4:40 pm EST: The primary count has wave (3) of minor 1 or major [3]-P3-C3 ending today at 1390. The drop today to 1377 looks like wave a-(4) and the move back up to 1388 as b-(4). I’m expecting a test of 1377-1375 tomorrow for c-(4) before a move up to 1401 to complete wave (5) of minor 1 near the (5)=1.61*(1) target. From there I’d expect a 50% retrace for minor 2 back to the 1372 pivot support, before minor 3 of major [3] takes off to a new high above 1475. This primary count will be confirmed on a move above 1430.
The alternate (blue) count had wave major [4]-PA-C2 ending today at the 38% retrace target of 1390. Next should be a 5-wave, minor degree drop down to the major [5]-PA-C2 target of 1318, where [5]=[1]. From the PA-C2 low there should be about a 50% retrace to 1397 for PB-C3, before a much bigger drop down to at least the 1167 area to complete PC-C2. This alternate (blue) count remains valid as major [4] does not overlap major [1] at 1430 and will be confirmed on a move below 1343.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hard chart (EOD):
SP-500 Daily chart (EOD):
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