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September 4th, 2012: Update 1 – EOD

Posted by pugsma on September 4, 2012

5:30 pm EST:  There is a nice positive divergence on the daily $NYMO close and a double positive divergence on the 60-min chart MACD supporting the primary count move higher in wave minor 3.   Primary count is that minor 2 of major [3]-P3-C3 ended today at 1397.  I’m looking for wave iii-(1) of minor 3 to reach a new high at 1429, where iii=2.62*i and wave v-(1) of minor 3 to reach the 1440 pivot area.  The target for the entire minor 3 wave is at 1495.

The alternate (blue) count is that wave (3) of minor 1 of major [C]-P2-C3 is headed for a 1369 target area, where (3)=1.62*(1) and I’m looking for minor 1 to reach the 1350 area.   This alternate (blue) count is a much lower probabililty (less than 20%) unless the 1363 pivot area is broken

Support is a the 1386 pivot and resistance at the 1422-27 previous high zone.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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