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March 7th, 2014: SP-500 EOD Update

Posted by pugsma on March 7, 2014

4:25 pm EST:   Today the SP-500 hit another new all-time high of 1883.57, which was very close to my 1885 target.

The primary count is that wave v-(1) of minor 3 of major [5]-P3-C1 ended for 1884, where v=i.   Wave (2) is underway and should retrace 38%/50% to 1865/1859.  It looks like wave a-(2) complete at 1870 and wave b-(2) to 1878.  Next there should be a wave c-(2) drop to 1865, where c=a or 1857, where c=1..62*a.  Once wave (2) completes, wave (3) should head to the 1943 target, where (3)=1.62*(1).  The minor 3=1 target is 1955 and the completion of P3-C1 should reach the 1941 (P3=1.23*P1) to 1965 (IHS target) area.

The new alternate (blue) count is basically the primary count with more bullish wave extension.  For this alternate (blue) count this strong move up from the major [4]-P3-C1 low of 1738 to 1884 is only minor 1 of major [5]-P3-C1, that ended where (5)=(1) at 1885.  I’m now expecting a little larger pull-back for minor 2 down to the 50%/62% retrace target of 1812/1794.  Wave (a) of minor 2 should test the 1849 pivot before a wave (b) of minor 2 bounces to 1866 and then a wave (c) of minor 2 should fall to the 1814 pivot.  Once minor 2 completes, minor 3 should head toward a minor 3 = 1.62*minor 1 = 2050 target.  There is a [5]=[1] target at 2085 for the completion of P3-C1 or it could even extend to the P3=1.62*P1 target of 2215 into late 2015 to early 2016.

Have a great weekend.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 3-7-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 3-7-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 3-7-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 3-7-14

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