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August 24th, 2012: Update 1 – EOD

Posted by pugsma on August 24, 2012

5:05 pm EST:   Again today went as expected for the primary count and we got a lower, low at 1398, where (c)=(a) for minor 2 of major [3]-P3-C3.  Now the questions is was this the end of the minor 2 correction at just under a 38% retrace and only 3 days or do we need more price and/or time for minor 2 to correct?   I tend to think we need at least more time, which is why a 3-3-5, (a)-(b)-(c) flat makes some sense here.   In which case the drop from 1427 is only a wave (a) and now a wave (b) will test the 1427 level again early next week before a re-test of 1396 support late next week.  And if minor 2 is in the books at 1398, then a very bullish minor 3 of major [3]-P3-C3 wave kicked off today headed above 1500+ over the next month or two.

The bearish alternate (blue) count best counts at a (1)-(2), i-ii of minor 1 of major [C]-P2-C3 wave headed toward 1350.  In this alternate (blue) count, the wave (2) high of 1416 can’t be breached, so it will need a big wave iii-(3) move down on Monday.

Enjoy your weekend.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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