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Mar 4th, 2010: Next Leg of Bull Market Underway !!!

Posted by pugsma on March 4, 2010

5:45 pm EST:  Another daily close over the key 1115 support level and above the inverse head and shoulders neckline.  That’s 2 days of consolidation.  The stage is now set for new highs above 1150 next week.  All the bulls need to do now, is to step through the curtains and onto the stage.  Primary count is in white/green and is setup to make new highs over 1150+.  Looks like a descending triangle wave iv-(5)-1-[5] has formed and wave (5)-1-[5] is ready to extend.  The alternate count in purple says we are ready for a wave 2-[5] pull-back towards 1075/85 before making new highs in 3-[5].  Enjoy the updated charts.

15-min SP-500 Chart (EOD):

60-min SP-500 Chart (EOD):

Daily SP-500 Chart (EOD):

11:00am EST:  I’m officially declaring the Feb 5th, 2010 low of 1045 the end of the correction for wave [4].  The SP-500 has been in wave [5], since Feb 5th, 2010 at about 3 pm EST when the large daily hammer candle was produced on the major reversal.  I have been carrying this count as my Primary Count (white and green) since Feb 16th, 2010 when the SP-500 gapped up over 1080 and ran to 1094.  However, I have also been carrying the [B] leg count for a large A-B-C or P2 correction to new lows in the 956 to 1010 area.  Today, I’m officially declaring the alternate count dead and removing it from my charts.

My target for wave [5]-P1 is 1200 to 1250 by May/June 2010.  The only question right now is does this first leg up of 1-[5]-P1 extend (alt: count in turquoise) above 1126 in the next week or do we get a wave 2-[5]-P1 correction back down towards 1075/85.  I’m watching the key area of 1108/1112 and the lower trendline on my 15-min chart to make this determination.

Here are the updated charts with the alternate count for A-B-C of P2 removed.   One key thing to note on the Daily 13/34-day EAM Chart without counts, is that the 13-day EMA crossed over the 34-day EMA in a bullish fashion on March 1st, 2010.

15-min SP-500 Chart (11:00am):

60-min SP-500 Chart (11:00am):

Daily SP-500 13/34-day EMA Chart (11:00am):

Daily SP-500 Daily Bull Model Chart (11:00am):

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