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March 1st, 2012: Update 1 – Morning

Posted by pugsma on March 1, 2012

10:45 am EST:  Welcome to March Madness (NCAA College Basketball Tournament).  Best sports month of the year.   🙂

For the primary count it looks like wave (2) of minor A of major [4]-P1-C3 had some unfinished business and it back-test the top of the ED wedge below the over-throw level of 1378.04.  The primary count should drop towards the 1352 level in a wave (3) of minor A before the end of today.  There however a variant of the primary to be aware of and that is that yesterday’s late day low at 1364 was a wave iv of the wave (5) ending diagonal and now one more a-b-c move higher is underway to take out the 1378.02 and test the 1386 pivot to complete minor 5 of  major [3]-P1-C3.  Any kind of sustained move higher that closes above the 1372 pivot today makes this primary count variant more likely. 

The alternate (blue) count remains less likely, unless a decisive break above the 1386 pivot ensues shortly for wave iii-(3) of minor 5 of major [3]-P-C3.

SP-500 15-min chart (10:33 am):

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