March 28th, 2014: SP-500 EOD Update
Posted by pugsma on March 28, 2014
4:40 pm EST: No change in either wave count after today’s SP-500 price action. The range of 1834 to 1884 is still in play and it will take a break of that range to determine the next directional move.
Primary count is that the final wave for (e) of minor 4 of major [5]-P3-C1 ended at the c=a 1842 target and that this completed the minor 4 ascending triangle. However should wave (e) of minor 4 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 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 looks like wave i-(1) and the drop to 1845 wave ii-(1). Wave iii-(1) is underway and headed 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 hit 1866 or just above 62% retrace at 1863. Wave (3) of minor 3 should drop to a 1812 target, where (3)=2.62*(1). The alternate (blue) count remains valid below the minor 2 high of 1776 and then the 1884 level.
House Keeping: If you are quarterly subscriber your Q1-2014 subscription ends next week on Monday 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 (Visa, Master Card or Discover accept, American Express does now work with Authorize.net) payment link: http://pugridironsma.blogspot.com/ or you can mail a check that will arrive by March 31st.
Have an awesome weekend.
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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