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Mar 18th, 2011: Update 2 – EOD

Posted by pugsma on March 19, 2011

Premium Service Enrollment for Q2-2011 (April 1st to June 30th) is NOW OPEN until March 31st.  You can read about the service description (there have been some changes), the requirement to sign the TOS Agreement and sign-up information here:  http://pugsma.com/pug-premium-sign-up/  FYI, as a small bonus I will provide the March Password to new subscribers as soon as they sign-up and make payment for Q2-2011.

In celebration of SPRING, enjoy this Amos Lee video: “Windows are Rolled Down”.

Mar 19th, 2011 (11:35 am):  First off, I apologize for the late EOD post.   I attended the NCAA basketball tournament games in Chicago all day yesterday and didn’t get back until very late.  The good news is that both Purdue and Notre Dame won their games.  And if they both win on Sunday Evening (I’ll be attendance again), it will set-up a classic Hoosier (Indiana) State battle in the Sweet 16.  Notre Dame for years has refused to play Purdue in basketball, even though the two Universities are just about 100 miles apart.  It all started back in the 1970’s when Notre Dame Coach Digger Phelps said: “There are no good roads between South Bend and West Lafayette, IN.  I’m hoping they get a chance to finally play this game, even if it will be in San Antonio, Texas !

 The SP-500 rise on Friday morning to 1288.88 reached the top of the down channel line (of minor C-[4]-P3) and the 1288/1296 gap resistance.   The SP-500 then backed-off in what appears to be a corrective, bull flag to 1276, which is within the 1273/1277 gap support area.  The SP-500 appears to be set-up for either a big move up (primary) or down (alternate) early next week.

The primary count (white) is that waves i-ii of (3) of minor 1 of major [5]-P3 were put in on Friday.   This means a wave iii-(3) up to 1311, where iii=1.62*i, is likely for Monday.  The wave (3) target is 1315, where (3)=1.62*(1).  Ultimately, I’m looking for major [5]-P3 to be at least a 118 point rise from 1249 to 1367, where major [5]=[1], which should occur in May/June. 

The alternate count (blue) is that the rise to 1289 on Friday was wave (4) of minor C of major [4]-P3.  In which case there will be a wave (5) down early next week that will test the 1249 low or may go slightly below to the 1245 pivot area.  Worst case it could test the Nov 2010 high of 1227 and the 1229 pivot.  The 38% retrace target for major [4]-P3 is a 115 drop from 1344 to 1229.  There are gaps at 1273/1277 and 1256/1262 that this wave (5) of minor C-[4]-P3 would close before heading higher in wave [5]-P3 into May/June.  That target for [5]-P3 would be the same 1363 pivot area.

Enjor your weekend.  Spring is here!

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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