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August 31st, 2012: Update 1 – EOD

Posted by pugsma on August 31, 2012

4:40 pm EST:  Today’s price action went as expected per the primary count.  The minor 2 low as put in at 1397 on Thursday and today we saw waves i-ii of (1) of minor 3 of major [3]-P3-C3.  On Tuesday I’m expecting a move up towards a new high of 1429 for wave iii-(1) with a target of 1429, where iii=2.62*i.   The target for wave (1) is near the 1440 pivot sometime mid-to-late next week.

For the alternate (blue) count today’s price action would have to be a 1-2, i-ii start to wave iii-(3) of minor  1 of major [C]-P2-C3.  The target for wave iii-(3) is near the 1372, pivot so the SPX price will need to begin to fall hard early next week to prove out this alternate (blue) count.   And any move above 1416.17 would kill off this alternate (blue) count.

The US markets are closed for the Labor Day Holiday on Monday, Sept 3rd and so this blog will also be closed for business until Tuesday, Sept 4th.  Have a great and safe Holiday weekend.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-4 hour chart (EOD):

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