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March 7th, 2012: Update 2 – Mid-day

Posted by pugsma on March 7, 2012

12:10 pm EST:   For the primary count we are working on the wave (a) of minor B of major [4]-P1-C3.  We should see a small pull-back or consolidation for (b) or minor B  and then one more push up for (c) of minor B to the 1359 area (50% retrace).  This minor B wave should be contained by the 1363 pivot resistance.  If not then the alternate count is move likely.

For the alternate (blue) count this move higher is wave (1) of minor 1 of major [5]-P1-C3.  After a wave (2) pull-back, we should see an aggressive wave (3) up towards the 1372 pivot, clearing the 1363 pivot resistance.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8789b1c5-ce8f-4f22-a61f-236a9bab624c

SP-500 15-min chart (12:04 pm):

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