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January 24th, 2013: EOD Update

Posted by pugsma on January 24, 2013

4:00 pm EST:  Today marks the 5th consecutive day that the SP-500 set a new post March 2009 recovery high.  This time the SP-500 broke above 1500 and hit 1502.  The SP-500 is now just 73 points shy of the all-time price high of 1575 set in October 2007.

Nothing has changed with the counts.

Primary count shows the move to 1502 as an extension of wave iii-(3) of minor 3 major [3]-P3-C3.  The SP-500 price should start to consolidate here in a wave iv-(3) that remains above the wave i-(3) high of 1473.   A typical wave-iv retrace would be 38% to the 1488 area.  Once wave iv-(3) is complete wave v-(3) should head for the 1524 pivot.  The Minor 3 target is near 1531.

The alternate (blue) count shows 1502 as the end of wave i-(3) of minor 3 of major [3]-P3-C3.  This alternate count is looking for deeper wave ii-(3) pull-back to the 50%/62% retrace targets of 1477 to 1470.

Support is at the 1475 area and resistance is at the 1524 pivot area.

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-24-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-24-13

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