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August 27th, 2012: Update 1 – EOD

Posted by pugsma on August 27, 2012

6:15 pm EST:  Today’s price action failed to move past 1416 and I’m now leaning towards and double Zig-Zag (w)-(x)-(y) move for minor 2 of major [3]-P3-C3 for the primary count that will test the 1386 pivot, where (y)=(w) at 1387, some time late this week.  The variant of this primary count is that this current move lower from 1416 holds above 1398 tomorrow and then we’ll have a i-ii start to wave  (1) of minor 3 of major [3]-P3-C3.  The wave iii-(1) target is at 1437 where iii=1.62*i.   Remember minor 3 of major [3] is headed for the 1500 area, so any hold above 1398 tomorrow would be extremely bullish.

The alternate (blue) count now shows 1398 as the wave (1) of minor 1 of major [C]-P2-C3 low and the move to 1416 as the wave (2).  If this alternate (blue) count is play-out, then wave (3) lower needs to begin in earnest and head for a 1369 target, where (3)=1.62*(1).  This alternate (blue) cont needs to crash through both the 1386 and 1372 pivots to gain momentum.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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