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March 14th, 2012: Update 1 – EOD

Posted by pugsma on March 14, 2012

5:15 pm EST: Everything went right on schedule today for both counts.  For the primary count a new wave (3) of minor 5 of major [3]-P1-C3 high was made at the (3)=(1) target of 1400.  Then a nearly 38% correction down to 1389 level for wave (4).  The wave (4) correction could be over or it might need a little more room lower.  If wave (4) decides to head lower, then wave (4) just has to stay above the wave (1) high of 1374.52 to remain valid.  After wave (4) ends, I’m looking for wave (5) to approach the IHS target of 1408 to 1410, where minor 5 = 0.62 * minor 1.  There are also other higher targets at 1423 an 1449.

The alternate (blue) count is that major [3]-P1-C3 has topped at 1399.42 and now the major [4]-P1-C3 correction will begin with a target zone of 1344 (23% retrace) to 1308 (38% retrace).  We’ll need to see a breach of the 1374.52 level to invalidate the primary count and then to switch to this alterante count as the primary.

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

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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