March 14th, 2014: EOD SP-500 Update
Posted by pugsma on March 14, 2014
4:25 pm EST: The $NYMO closed with a one day positive divergence and confirmation step 2 of the $NYMO, SP-500 Buy signal today. This should lead to at least a one day bounce in the SP-500 price to 1857 per the alternate (blue) count and quite possibility the kick-off of wave (3) of minor 3 up towards 1921 per the primary count.
The primary count is that minute (2) of minor 3 of major [5]-P3-C1 bottomed today at 1840 as a triple zig-zag corrective at the 88% retrace of 1840. From the wave (2) low, minute (3) of minor 3 should get underway and head towards at target at 1921, where (3)=1.62*(1). Ultimately, major [5]-P3-C1 should reach a target in the 1941 to 1953 area. This primary count remains valid as long as wave (2) remains above the minor 2 low of 1834.
The alternate (blue) count is that minor 2 of major [5]-P3-C1 is in the final leg of a double zig-zag corrective headed toward the (y)=1.62*(w) target of 1825 or the 50% retrace at 1812. Wave a-(y) looks to have completed today at 1840 and now wave b-(y) should move towards at 50% retrace at 1857 before c-(y) drops to 1825, where c=a. There is also a chance that b-(y) ended to at 1852 today and c-(y) of minor 2 headed for 1820, where c=a, is already underway.
Have a great St Patty’s Day weekend !!!
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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