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March 24th, 2014: SP-500 EOD Update

Posted by pugsma on March 24, 2014

4:55 pm EST:   The SP-500 continues to range bound between the key levels of 1834 and 1884.  A break-out and close above or below those two key levels will determine the next 50 point direction move.

The primary count is that the consolidation between 1884 and 1834 is minor 4 of major [5]-P3-C1 ascending triangle with flat top at 1884.  Wave (e) or minor 4 is complete or nearly complete at 1850.  There is a little more room down to the lower green ascending triangle trend line at about 1845 tomorrow.  Once minor 4 is complete, 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) of minor 4 low of 1834.

The alternate (blue) count is that minor 5 of major [5]-P3-C1 is complete at 1884 on Friday 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.  Within major [A], the first minor 1 wave looks to be headed for about 1834 before there will be a minor 2 bounce of about a 50% retrace to 1859.  The alternate (blue) remains valid below the 1884 high today.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 3-24-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 3-24-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 3-24-14

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