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Mar 3rd, 2011: Update 4 – EOD

Posted by pugsma on March 3, 2011

4:40 pm EST:   Today went precisely as the primary and alternate count predicted.  The target for the day was 1325 and it was exceeded slightly.  The SP-500 breached the Tuesday, March 1st high of 1332.09 by hitting 1332.38 in late day trading and thus erased all of the decline from Tuesday and Wednesday.

Primary count (white) is that wave (3) of minor 5-[3]-P3 began from yesterday’s low of 1302.58.   And it looks like wave i-(3) may have completed today at 1332.28.   I’m looking for a small retrace of 38% or less to 1321 and then a move up towards the 1363 pivot for iii-(3).   The wave (3) target is 1364, where (3)=1.62*(1).  If you observe the new 4-hour chart you can see that this wave (3) of minor 5-[3]-P3 take-off for the low looks very similar to the minor 1 and minor 3 lows of 1040 and 1173, respectively.   Note one poential theoretical calculation for the completion of major [3] would be at 1349, where [3]=2.62*[1].  However, I believe this minor 5-[3]-P3 might stretch to 1370 to 1400 over the two months.

The alternate count (blue) is that minor 4-[3]-P3 is tracing out an ascending triangle with flat top of 1332 and measurement height of 38 points off the 1294 wave (a) low.  Wave (d) completed today and wave (e) could retrace back toward the 1315 pivot or even the 1308/1312 gap to finish off minor 4.  The triangle target for minor 5-[3]-P3 would be 1332 + 38 => 1370 or just above the 1363 pivot.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hour chart (EOD):

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