March 30th, 2012: Update – Mid-day/EOD
Posted by pugsma on March 30, 2012
12:10 am EST: Here is an update to the 15-min chart at mid-day.
Primary count has wave (a) of minor D of major [4]-P1-C3 complted at 1410 and now a wave (b) underway. The wave (c) of minor D should reach the 1412/1415 target area. After minor D there will be a minor E retrace to the 1397/1403 area to complete major [4]. Minor D must remain below 1419.15 to remain valid. And a break below 1386.87 during the minor E woud also invalidate the triangle.
The alternate (blue) count as wave 1 of iii of (3) of minor 5 of major [3]-P1-C3 complete at 1410 today and now wave 2 of iii is underway. The next move should be a very aggressive wave 3 of iii of (3) move up to at least 1431, where 3=1.62*1 and then 1348, where iii=1.62*i. This alternate count must hold above 1391.56 to remain valid.
Support is at the 1386 and then 1372 pivot. A break of the 1386 pivot and lower light blue channel like would mean something much more bearish than show on the charts is underway for the completion of major [4]-P1-C3. Downside targets in that case are along the lower dark blue channel line from 1340 to 1363.
Resistance is at the 1440 pivot and then the 1524 pivot. A break above 1419 should lead to a quick move up to the 1440 pivot area.
SP-500 15-min chart (12:00 pm):
SP-500 60-min chart (12:00 pm):
SP-500 4-hr chart (12:00 pm):
SP-500 Daily chart:
SP-500 Weekly chart:
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