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April 4th, 2012: Update 1 – EOD

Posted by pugsma on April 4, 2012

4:30 pm EST:  Today’s price action follow the all 3 counts to perfection.   Both the primary and 1st alternate (blue) count were looking for a move down to  a 1395 to 1400 target area for the completion of major [4]-P1-C3 or minor 4-[3]-P1-C3, respectively.  And the 2nd alternate (red) count was calling for a wave (3) of minor A  of major [4]-P1-C3 move down to 1383, where (3)=1.62*(1).  Well the SPX dropped near 20 points from 1413 to 1394 today.   Once again proving the point that when all the counts align to point in the same direction, it’s a near 100% probability that the move will materialize the next day.  Now for tomorrow is a market decsion day where we will separate the counts.

For the primary count and 1st alternate (blue) count a move to 1440-50 should be underway over next week or two which will be either be the end of major [5]-P1-C3 of the primary count or th completion of major [3]-P1-C3 of the 1st alternate (blue) count.

The 2nd alternate (red) count should continue to head lower to 1383 to complete wave (3) of minor A of major [4]-P1.  And I’d expect minor A to reach the 1372 pivot in the next couple of trading days.  From there a minor B bounce of a 50% retrace to about 1397-1400 before minor drops to the 1340 to 1350 area to complete major [4]-P1-C3.

Critical support separate the primary/1st alt counts from the 2nd alternate count is at the 1386 pivot.   Resistance is at the 1440 pivot.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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