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September 14th, 2012: Update 1 – EOD

Posted by pugsma on September 14, 2012

5:35 pm EST:  Quite the past two weeks. The SPX is up from 1397 to 1475 (+5.6%) since my “Giddy Up” call on Friday, August 31st.

The primary count is that major [3]-P3-C3 completed today at 1475.  I’m now expecting a major [4]-P3-C3 move down to the fib retrace targets 1441 (23%) to 1420 (38%), which are very typical of a wave 4 retrace.   The 1440 area is key pivot support and 1422 is the old high support from the spring of 2012.

I have updated the both the daily and weekly charts below for a longer-term view of the forecast.

Have a great weekend!

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 Daily chart (EOD):

SP-500 Weekly chart (EOD):

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