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March 8th, 2012: Update 1 – Mid-Day/EOD

Posted by pugsma on March 8, 2012

12:35 pm EST:  As I indicated in my afternoon blog comments and EOD blog post yesterday, the alternate count that major [4] had ended at 1340 looks very promising from a  number of technical indicators.  Today’s follow through of yesterday’s aggressive move higher confirms this thinking.   The alternate (blue) count was on equal footing with the primary after yesterday and is now the preferred count after today’s move above the 1363 pivot.  I’m not going to change the labeling of the two counts at this point due to the work involved and my need to get on the road today, but for all practical purposes the alternate (blue) count is the primary count.

Primary count is that wave (a) of minor B of major [4]-P1-C3 was put yesterday at 1354.85.   Wave (b) of minor B was a very shallow consolidation to 1350 and wave (c) or minor B is targeting 1365, where (c)=(a).   The 78% retrace target for Minor B is also at 1369.   Once minor B completes, I’m looking for a minor C of major [4] drop to 1327, were C=A.   For major [4], the 23% retrace of major [3] is at 1328.   A close above the 1363 pivot today, makes this count suspect.

The alternate (blue) count is that major [4] ended at 1340.03 and wave (1) of minor 1 of major [5]-P-C reached 1355.  Wave (2) was a shallow correction to 1350 and now wave (3) is targeting 1374, where (3)=1.62*(1).   I think minor 1 of major [5] will reach approximately the 1386 pivot and minor 2 pull-back should hold the 1363 pivot.  Ultimately major [5]-P1-C3 targets are 1449 where [5]=0.5*[1], 1477 where [5]=0.62*[1] and 1562 where [5]=[1].

Have a nice weekend !!!   Boiler Up!  Stocks Up!

SP-500 15-min chart (12:30 pm):

SP-500 60-min chart (12:30 pm):

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