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March 13th, 2012: Update 2 – EOD

Posted by pugsma on March 13, 2012

5:45 pm EST:    The SPX price move above the 1387 level this afternoon killed off the primary count for the minor B of major [4]-P1-C3 tracing out an expanded flat.  The aggressive move higher late this afternoon confirmed the alternate (blue) count that since the minor 4 low of 1340, wave minor 5 of major [3]-P1-C3 has been on going.

The primary count is that wave (3) of minor 5 of major [3]-P1-C3 has ended here at 1396 or will reach 1400 early tomorrow where wave (3)=(1).  From there wave (4) should hold the 1386 pivot and wave (5) should reach the 1408 target where minor 5 = 0.62 *minor 1.  There is also couple higher targets at 1426, where major [3]=1.23*[1] and 1449 where minor 5 = 1 should minor 5 of major [3]-P1-C3 want to extend.   There is an Inverse Head and Shoulders (IHS) or Cup and Handle (CAH) pattern target of 1410 on the 15-min chart now that the 1375 level was breached decisively today.    Should major [3]-P1-C3 end at 1408, then the major [4] retrace targets are 1351 (23%) and 1313.

The alternate (blue) count is that wave (3) of minor 5 of major [3]-P1-C3 ended at 1374 on Friday and the wave (4) correction completed at 1366 yesterday.  Today’s move up was wave (5) of minor 5  to the 1394 target, where minor 5 = 0.5* minor 1.  The SP-500 hit 1396.13 late this afternoon and this should end wave (5) of minor 5 of major [3]-P1-C3.   The 23% retrace target for major [4] by this alternate count is at 1341 and the 38% retrace target is 1306

Support is at the 1386 and then the 1372 pivot.  Resistance is at the 1440 pivot.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=eb1ee68e-4590-4ead-9506-9dca2c22acc4

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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