March 27th, 2014: SP-500 EOD Update
Posted by pugsma on March 27, 2014
5:00 pm EST: Primary count is that the final wave for (e) of minor 4 of major [5]-P3-C1 ended today at the c=a 1842 target and that this completes the minor 4 ascending triangle. Should wave (e) not be complete, then it must remain above the wave (a) low of 1834 for the primary count minor 4 triangle to remain valid. The minor 5 wave should now move up to the 1941 to 1953 target zone to complete major [5]-P3-C1. The first wave up (1) of minor 5 should head towards 1900. The move up from 1842 to 1855 today looks like wave i-(1) and the drop to 1846 wave ii-(1). I’m now expecting wave iii-(1) to head for a 1880 target, were iii=2.62*i.
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 move from 1876 to 1842 is wave (1) of minor 3 and the wave (2) of minor 3 is now underway headed for a 50%/62% retrace at 1859/1863. Once wave (2) completes, wave (3) of minor 3 should drop to a 1804 target, where (3)=2.62*(1). The alternate (blue) count remains valid below the minor 2 high of 1776 and then the 1884 level.
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SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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