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Feb 28th, 2011: Update 3 – EOD

Posted by pugsma on February 28, 2011

5:20 pm EST:   For the primary count (white), it looks like wave iii-(1) of 5-[3]-P3 carried up to 1329.38 today and wave iv-(1) pulled back to the test the 1320 gap support at 1320.55, which held.  Assuming wave v=i, I have a wave v-(1) target of 1335 for tomorrow.  For the wave (2) retrace targets from 1335, I have 1315/1319 which should hold the 1315 pivot support.  The wave (3) target is up in the 1370 to 1380 area.  And I’m expect minor 5 of [3]-P3 to reach 1400 to 1430.

For the alternate count (blue) which has the SP-500 still in minor 4, now that the 50% retrace level of 1319 was breached decisively to the upside, I have upgraded the count to a triangle that could test the 1338 area (where c=a) for wave (b) and then drop back down to test the 1303/1315 pivot supports for waves (c)-(d)-(e).   This count will buy time (1 to 2 weeks) but not price as it moves between 1303 and 1340.  Another variant of this alternate count is a flat where wave (b) reaches the previous high of 1344 before wave (c) drops to test the 1294 low to complete minor 4.    For both the triangle or flat variant, I have a minor 5 target of 1380 to 1400.

The March PW went out via group e-mail last night.  If you did not receive the e-mail, check your Spam folder or contact me if you did not receive it.   The March PW will be in effect tomorrow morning.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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