March 17th, 2014: SP-500 EOD Update
Posted by pugsma on March 17, 2014
4:50 pm EST: The $NYMO, SP-500 Buy signal confirmed on Friday’s close was golden once again producing a beautiful 22 point rally in the SP-500 price form 1840 to 1862 today. Today at the close the VIX Sell, SP-500 Buy signal completed step 2, which is often all that is needed for an IT SPX Buy signal. Full confirmation (step 3) comes tomorrow on a red VIX close. Both of these indicators are in agreement with the primary wave count.
The primary count is that minute (2) of minor 3 of major [5]-P3-C1 bottomed at 1840 as a triple zig-zag corrective at the 88% retrace of 1840. Wave minute (3) of minor 3 is underway and headed 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 1828 or the 50% retrace at 1812. Wave a-(y) completed at 1840 and now wave b-(y) ended at the 62% retrace of 1862. Wave c-(y) should now drop to 1828, where c=a, to complete minor 2. This alternate (blue) count goes invalid on a move above the minute (x) wave high of 1875.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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