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April 13th, 2012: Update 1 – Afternoon/EOD

Posted by pugsma on April 13, 2012

3:40 pm EST:   Nothing has changed today with either count.   However the big drop this morning to 1373.22 puts the alternate (blue) count back on equal terms with the primary count, meaning that now there is an equal probably that the major [4] low is not place yet at 1357.38.  The alternate (blue) count will be invalid with a move below 1367.07 and the primary count will take over headed for a fresh low below 1357.38, likely in the 1340 to 1357 area.

Primary count is that minute (4) of minor C of major [4]-P1-C3 ended at 1388 and wave i-(5) hit 1373 this morning.  The bear flag type price action this afternoon is wave ii-(5) and early next week a move to new low below 1357.38 should occur to complete waves iii and v-(5) of minor C of major [4]-P1-C3 in the 1340 to 1357 area.

The alternate (blue) count is that wave i-(3) of minor 1 of major [1]-P1-C3 completed yesterday at 1388.  And today drop to 1373 was wave ii-(3), which will be followed by waves iii-(3) and v-(3) up towards 1396 to 1414.

Support is at the 1372 pivot  and then the 1363 pivot.  Resistance is at the 1386 pivot and then the recent high of 1422.

Have a nice weekend !

SP-500 15-min chart (3:24 pm):

SP-500 60-min chart (3:29 pm):

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