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March 26th, 2012: Update 2 – EOD

Posted by pugsma on March 26, 2012

4:45 pm EST:  Primary count is that a flat, expanded flat or triangle is playing out for major [4]-P1-C3, with 1387 as the minor A low and the move to 1416 to 1420 as the minor B high.  From 1416 to 1420, there should be a minor C correction on down to 1395/1400 if wave [4] is a triangle, 1386 if it is a flat or 1376 if it is an expanded flat.  Note a move above 1420, effectively kills this primary count and moves us to the move bullish near-term alternate count.

The alternate (blue) count is that wave i-(3) of minor 5 of major [3]-P1-C3 is underway with a target area of 1420 to 1424.  Once i-(3) ends, I’m expecting a 50% retrace to 1400/1403 for wave ii-(3) and then another stronger advance for wave iii-(3) that will clear the 1440 pivot.  The wave (3) target is 1507, where (3)=1.62*(1) and the wave (5) of minor 5 of major [3]-P1-C3 target is the 1524 pivot area.

Support is at 1386 pivot then the 1372 pivot.  Resistance is at the 1440 pivot, then the 1524 pivot and 1576 all-time high .  Thus, there is lots of blue sky, free space ahead for the bulls.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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