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Mar 23rd, 2011: Update 1 – Morning

Posted by pugsma on March 23, 2011

10:30 am EST:  With the weakness this morning below the 1291 pivot, we need to watch to see if the wave (1) high of 1278.88 will hold up for the primary count wave (4) allowing a wave (5) to reach into the 1309/1315 range to complete minor 1-[5]-P3.  Realistically, wave (4) should hold the 1280/1282 gap.   If it does not and we get (4) into (1) overlap at 1278.88, then the alternate (blue) is that minor 1-[5]-P3 completed at 1300.58 and minor 2-[5]-P3 is underway with targets in the 1269 (62% retrace) to 1275 (50% retrace) area.  Ultimately minor 2-[5]-P3 must hold the 1249.05 low to remain a valid count.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=eaa127e8-f1f7-4e80-925a-49f075ddf3a0

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=61f121a2-0d02-450b-959b-a12250a336f9

SP-500 5-min chart (10:34 am):

SP-500 15-min chart (10:21 am):

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