Sept 14th, 2011: Update 2 – EOD
Posted by pugsma on September 14, 2011
6:50 pm EST: Today again went pretty much as forecast for the primary count. I spoke of a possible wave (4) flat or triangle between the 1168 and 1177 pivots yesterday in the afternoon comments and sure enough we got a wave (4) expanded flat that fooled a lot of traders and particularly bears today. From the drop to 1163 early this morning the SP-500 gained 39 points to hit a high of 1202 for the end of wave (5) of minor A of major [Y]-PB. I’m looking for minor B pull-back of about 50% down to the 1168 pivot area. Before minor C of major [Y]-PB heads for the 1245/1257 pivot area.
I have killed off the near-term bearish alternate (blue) count, even though theoretically the 1204.40 level was not exceeded today. I have replaced the near term-bearish alternate (blue) count with a new very long-term alternate (blue) count. This new count assumes that Cycle 2 of Super Cycle V ended in August in the 1101 to 1121 area with a near perfect 38% retrace of Cycle 1. What we have had since then is a major [1] and [2] of Primary 1 of Cycle 3. Major [3] began at the major [2] low of 1136 on Monday. The major [3] wave target projection is 1314, where major [3]=1.62*[1]. I have today’s high of 1202 as the end of minor 1 of major [3]. I’m looking for a minor 2 correction of about 50% down to the 1168 pivot area. From there minor 3 should head for 1275, where minor 3 = 1.62*1.
Support is at the 1187/1177/1168 pivot cluster. Resistance is at the 1219 and 1227 pivots.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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