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September 21st, 2012: Update 1 – EOD

Posted by pugsma on September 21, 2012

6:00 pm EST:  Today the SPX price ran a little past my 50% retrace target of 1463 for minor X of major [4]-P3-C3 and hit 1467.  However, the double ZZ primary count is still alive as long as the previous high of 1474.51 is not breached.  The minor Y wave down may have begun this afternoon and the target is a 25 drop from 1467 to 1442, where Y=W.  The minor Y wave down will unfold as a 3-wave corrective with wave (a)-(b)-(c) similar to minor W.    There are some other interesting options here for the primary count major [4] correction, like a contracting triangle where 1450 was minor A, 1467 was minor B and the current move down minor C headed for about 1455.  This minor C of major [4] wave would hold above the minor A low of 1450 for the triangle count to remain valid. Below 1450, I’m looking for a test of the 1440 pivot via the double ZZ count.  In ether case once major [4] ends, the move up above 1600+ for major [5]-P3-C3 should begin.

The alternate (blue) is that major [4]-P3-C3 ended at 1450 yesterday the move up from major [5]-P3-C3 has begun headed for 1600+.  A break above 1475 and the above 1481 is need to confirm this alternate (blue) count.

Have a great weekend.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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