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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 15-min chart EOD 3-26-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 3-26-13

SP050 4-hr chart (EOD):

SP-500 4-hr chart EOD 3-26-13

The SP-500 Daily Chart is showing potential negative divergence across many key indicators.

PUG SP-500 daily chart 3-26-13

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