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February 20th, 2013: EOD Update

Posted by pugsma on February 20, 2013

6:35 pm EST:  With today’s drop to 1511 and close back under the 1524 pivot, the primary count has been in adjusted to show 1531 as the end of minor 3 of major [3]-P3-C3.  The SP-500 price target of 1531 was one of my original minor 3 targets from Dec 2012 and is a near perfect 1.23 fib of minor 1.   I’m looking for this minor 4 correction to find support at either the 23% retrace of 1500 (primary) or if more time and price is needed the 38% retrace at 1481 (alternate).  Both areas key support regions as shown on the 60-min chart.  After this minor 4 correction completes, the ultimate target for minor 5 of major [3]-P3-C3 remains at 1551.  Note that the minor 4 correction must remain above the minor 1 high of 1448 for the count to remain valid.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 2-20-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 2-20-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 2-20-13

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