March 25th, 2013: Mid-day Update
Posted by pugsma on March 25, 2013
11:20 am EST: For the primary count today’s move to 1565 looks to have completed minor B of major [4]-P3-C3 of an expanded flat count. Wave minor C of major [4] should now be a 5-wave drop from 1564 to 1524, where C=1.62*A. The 23% retrace target for major [4] is at 1514 and there is pivot support at 1524.
For the alternate (blue) count it looks like wave (4) of minor 5 of major [3]-P3-C3 could be playing out as an ascending triangle with today’s move to 1565, as wave d-(4). And now this drop to the 1553 pivot support at wave e-(4). Next there should be a move up for wave (5) of minor 5 toward at target of 1578, where (5)=(1). A break of 1538 will invalidate this alternate (blue) wave count and confirm the primary count.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
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