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March 21st, 2014: SP-500 EOD Update

Posted by pugsma on March 21, 2014

5:00 pm EST: Today was potentially a very key day in the completion of P3-C1 wave that has been going on since the Oct 2011 P2-C1 low at 1075.  Because of this fact, I decided to re-do the mid-day post to include the final 3 hours of SP-500 price action in the wave counts.

The primary count has been modified slightly to show that the consolidation between 1884 and 1834 has been a minor 4 of major [5]-P3-C1 ascending triangle with flat top at 1884.  It looks like based on the price action near the close today that wave (e) or minor 4 is complete or nearly complete at 1864.  The next move should be a minor 5 of major [5]-P3-C1 wave up to an ascending triangle target of 1934, where 1884 + (1884-1834)), to complete P3-C1 as originally forecast by the primary count.  There is also some confluence target for the end of P3-C1 at 1941, where P3=1.23*P1.  The primary count minor 4 ascending triangle remains valid above the wave (a) low of 1834.

The alternate (blue) count is that minor 5 of major [5]-P3-C1 complete today at 1884 as the final thrust out of a contracting triangle for minor 4 at 1850.    P4-C1 down is now underway headed for an initial target of 1697, which is a 23% retrace of P3-C1. The first major [A]-P4 wave lower should target the 1775 pivot area.  The alternate (blue) remains valid below the 1884 high today.

Also, notice the key negative divergences showing up on the SP-500 weekly char for RSI, MACD and Full-STO.  These weekly chart negative divergence will eventually help usher in the P4-C1 correction now (alt count) or soon (primary count).

Have an awesome weekend !

House Keeping:  If you are quarterly subscriber your Q1-2014 subscription ends next week on March 31st.   You have two choices to continue service: 1) pay $120 for Q2-2014 (Apr-June) or $270 for the balance of 2014.  The 2nd choice is at the discounted annual rate of $30 per month vs the $40 per month rate.  Here is the credit card payment link: http://pugridironsma.blogspot.com/  or you can mail a check that will arrive by March 31st.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 3-21-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 3-21-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 3-21-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 3-21-14

SP-500 weekly chart with TA indicators (3-21-14):

PUG SP-500 Weekly Chart with Indicators 3-21-14

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