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March 23rd, 2012: Update 1 – Mid-day

Posted by pugsma on March 23, 2012

12:55 pm EST:  Hree is the updated 4-hr chart in order to see the bigger picture more clearly.

SP-500 4-hr Chart (12:50 pm):

12:30 pm EST:   The primary count is that wave iii-(3) of minor A of major [4]-P1-C3 completed this morning at 1386.87.  I’m looking for a wave iv-(3) to hold below the wave i-(3) low of 1400.64 and then wave v-(3) to reach the target of 1381, where (3)=1.62*(1).     A move above 1400.64 invalidate this count and I may have to then look to a double ZZ count for the primary with the move above 1400.64 being and X-wave in the middle of the two ZZ’s.   Ultimately I’m expecting major [4] to end between 1340 and 1360 during this correction.

I have upgraded the alternate (blue) count to be the very bullish count that this drop to hold the 1386 pivot support is a wave (2) of minor 5 of major [3]-P1-C3.    The implication of this is that a very big wave (3) of minor 5 is about to begin that has a target near 1507, where (3)=1.62*(1).  And ultimately this count will challenge the 1524 pivot for the completion of major [3]-P1-C3, where [3]=1.62*[1] at 1517.  With the $NYMO being over-sold below -50, this alternate count has a lot of room to run much higher.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=94d3cd31-71d4-4457-a07e-3079d61df52f

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

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

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