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Sept 16th, 2011: Update 2 – EOD

Posted by pugsma on September 16, 2011

5:00 pm EST:  What a super week for the bulls.  The SP-500 was up 62 points (+5.3%) for the week.  But if you take into account the Monday low of 1136, then the SP-500 was up 80 points (+7.0%).  The SP-500 weekly MACD has just ever so slightly turned back higher and is could soon produce a bull cross that would signal a long-term trend change for the markets.

Primary count is that minor A of major [Y]-PB  of Cycle 2 ended this morning at 1220.  The first corrective wave (a) of minor B down ended at 1204 and this afternoon saw a (b) wave move to 1216.  This is Zig-Zag count for the minor B correction.  I’m looking for a (c) of minor B to reach the 1187 pivot area, where (c)=1.62*(a).  It should be noted that there is a more bullish intererptatoin of minor B that is a contracting triangle between 1200 and 1220.  Either way once minor B is complete, I have minor B rising to the 1245/1257 pivot area to complete major [4]-PB.   From this area of 1245/1257,  Primary C (PC) of Cycle 2 down should begin and it could test the July 2010 low of 1011.

The alternate (blue) count as minor 1 of major [3]-P1 of Cycle 3 ending at 1220 today and I’m looking for minor 2 retrace of 38% to 50% to 1187/1177.  From there minor 3 should head for a target of 1271, where minor 3=1.   Ultimately, I have major [3]-P1 reaching the 1315 pivot major [5]-P1 reach the May 2011 high of 1371.  So if we bust through the 1245/1257 pivot area, this very bullish alternate count will be in play.

Support is 1204 then the 1187/1177 pivot.  Resistance is at the 1219 pivot and 1229 pivot.

Have a great weekend.  It’s time to watch my son play some high school football.  🙂

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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