March 26th, 2013: EOD Update
Posted by pugsma on March 26, 2013
4:35 pm EST: Surprises are usually to the upside in a major [3] wave and this major [3]-P3-C3 has not disappointed.
The primary count is that wave v-(5) of minor 5 of major [3]-P3-C3 is all but complete today. The wave v=i target is at 1565, so a small move up tomorrow should finish wave v-(5). Next I’m expecting a sharp 50 point drop for major [4]-P3-C3 to the 23% retrace target of 1514.
The alternate (blue) count variation to the primary count is that wave iii-(5) of minor 5 of major [3]-P3-C3 is still unfolding with a target of 1572, where iii=1.62*i. From there wave v-(5) should reach a target area between 1578, where (5)=(1) to 1590, where minor 5=1. Again like in the primary count above I’m expecting a sharp 50 point drop for major [4]-P3-C3 to the 23% retrace target area of 1524 to 1533.
Note that for both wave counts above, a break below 1546.22, will confirm that major [3]-P3-C3 has completed and that the major [4]-P3-C3 correction is underway.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP050 4-hr chart (EOD):
The SP-500 Daily Chart is showing potential negative divergence across many key indicators.
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