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March 26th, 2012: Update 1- Morning

Posted by pugsma on March 26, 2012

12:00 pm EST:  Here is the updated 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=12190bfd-8d21-431f-9b14-9218501d2750

SP-500 15-min chart (12:00 pm):

11:25 am EST:  With the move above 1400.64, the primary count must shift to a major [4]-P1-C3 triangle, flat or expanded flat scenario where the 3-wave move down to 1387 (that held 1386 pivot) becomes wave minor A.  For the minor B move up we have the following targets:  triangle 1408 to 1420, flat 1414 (B=A) and expanded flat 1420 (B=1.23*A).  After minor B completes, then the minor C targets are: triangle 1387 to 1400, flat 1387 (C=A), and expanded flat 1376 (C=1.62*A).   Thus, I’m now looking for major [4] to hold the 1372/1386 pivot support zone before major [5] heads higher to at least the 1440 pivot and maybe the 1524 pivot.

The alternate (blue) count from Friday remains unchanged for major [3]-P1-C3 continued to advance higher.  The wave (2) of minor 5 of major [3] was put in at 1387.  Now wave (3) is headed for 1507, where (3)=1.62*(1) and ultimate major [3] should reach the 1517 to 1524 pivot area.  A move above 1420, will confirm this alternate (blue) count.

SP-500 60-min chart (11:16 am):

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