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Feb 24th, 2011: Update 3 – Afternoon

Posted by pugsma on February 24, 2011

3:05 pm EST:  Here is how the updated 60-min chart looks now.

SP-500 60-min chart (3:00 pm):

2:50 pm EST:  Looks like a completed Double ZZ (note: this wave counts best on the ES Futures shown this morning) down to 1294.26 and ending right at the lower blue channel line on my 15-min chart.   This should complete minor 4 or [3]-P3 for the primary count.

The alternate count (blue) is that the 50 point drop from 1344 to 1294 was only wave (a) of a large Zig-Zag corrective for minor 4 of [3]-P3.  The wave (b) bounce target is a 25 point (50% retrace) to 1319, to be followed by a 50 point wave (c) drop to 1269.   Note, minor 4 would hold above the wave (3) of 3-[3]-P3 “gap of recognition” of 1247 to 1250 from Dec 2010.  And in this count for minor 4 would retrace approximately back to where the wave (4) of 3-[3]-P3 began at 1275, which is very typical of wave 4 behavior (i.e a retrace to the wave 4 of lesser degree).  Finally the 38% retrace target is also in this area of 1279.  So this altenernate count as a lot going in it’s favor.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=435b7dad-2c07-4c84-a84e-ecf29062cdb6

SP-500 15-min chart (2:38 pm):

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