February 27th, 2012: Update 2 – EOD
Posted by pugsma on February 27, 2012
5:45 pm EST: Today the SP-500 has finally reached my 1376 target for major [3]-P1-C3 that was set on the 4-hour and daily charts many months ago. There are many negative divergence that have built on the daily, hour and 15-min charts as well as the $NYMO and the $BPSPX has reach an extremely over-boought level of 85.4%. A sharp correction of 3% to 4% for major [4]-P1-C3 is needed here and that remains the primary count.
Primary count is that minute (5) of minor 5 of major [3]-P1-C3 topped at 1371.92 or will top below 1376 as the completion of an ending diagonal triangle. The target for the major [4]-P3-C3 correction at are 1323/1326 or a 23% retrace of major [3]-P1-C3. The SP-500 must break below 1352.28 in order to confirm this primary count.
The alternate (blue) count is that minor 5 of major [3]-P1-C3 is still in the early stages of moving higher toward the 1406 to 1426 target area. Today’s low of 1354.92 would be wave ii-(3) of minor 5 and waves iii-(3) and v-(3) should carry the SP-500 price towards 1396 over the next several days.
Support is at the 1363 pivot and then 1350. Resistance is at the 1372 pivot and then the 1386 pivot.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 Daily chart (EOD):
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