March 26th, 2014: SP-500 EOD Update
Posted by pugsma on March 26, 2014
4:55 pm EST: Another day spent inside the 1834 to 1884 trading range.
The primary count is that the final wave for c-(e) of minor 4 of major [5]-P3-C1 is underway headed for a 1842-1845 target area that should complete the minor 4 ascending triangle. The wave (e) should remain above the (c) wave low of 1839 and must remain above the (a) wave low of 1834 for the primary count minor 4 triangle to remain valid. Once the minor 4 wave triangle completes, the minor 5 wave should move up to the 1941 to 1953 target zone to complete major [5]-P3-C1.
The alternate (blue) count is that P3-C1 topped at 1884 and that first down leg major [A]-P4 is underway headed for the 1775 pivot. The initial move down to 1850 looks like wave minor 1 and the recent move up to 1876 (78% retrace) was minor 2 of major [A]. Wave minor 3 down is now underway headed to a 1787 target, where minor 3 = 2.62*minor 1. The alternate (blue) count remains valid below today minor 2 high of 1776 and then the 1884 level.
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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