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March 18th, 2013: EOD Update

Posted by pugsma on March 18, 2013

4:15 pm EST:  Primary count is that major [3]-P3-C3 has topped at 1564.  It looks like major [4]-P3-C3 could play out as a double Zig-Zag with the move down to 1545 today as wave (a) of minor W of major [4].  The move back up to 1559 was wave (b) and now a wave (c) of minor is headed down to target the 1540 to 1535 area.  From there minor X wave will bounce back to about 1550 before minor Y of major [4] reaches it final destination in the 1515 support area, which is a 50 point 23% retrace of major [3].

The alternate (blue) count is that the move down to 1545 today was the completion of wave (4) of minor 5 of major [3]-P3-C3 and the wave (5) of minor 5 is underway headed to a fresh new high above 1564.   The initial move up from 1545 to 1557 this morning was wave i-(5) and the correction down to 1550 late today was wave ii-(5).  Tomorrow wave iii-(5) should head to a new high with a target of 1569, where iii=1.62*i.  Ultimately wave (5) of minor 5 of major [3]-P3-C3 should reach a target of 1571, where (5)=0.62(1) to 1595, where (5)=(1).  There is also a minor 5=1 target at 1590.

The key level to watch tomorrow is 1545.  Below 1545 the alternate (blue) count becomes invalid the primary count is playing out.

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 3-18-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 3-18-13

SP-500 4-hr chart (EOD):

SP-500 4-hr chart EOD 3-18-13

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