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January 25th, 2013: EOD Update

Posted by pugsma on January 25, 2013

6:50 pm EST:  The primary count is that wave (3) of minor 3 of major [3]-P3-C3 ended yesterday at 1502.   It looks like a wave (4) flat is playing out here with the drop to 1491 yesterday being wave a-(4) and today’s rise to 1503 being wave b-(4).   I’m looking for a drop to about 1488-1491 again early next week before a move up towards the 1524 pivot to complete wave (5) of minor 3.  There is a wave M3=1.23*M1 target at 1531 and the IHS measures to 1535, as seen on the 60-min chart.   From this 1524 pivot resistance area, I would then look for minor 4 wave consolidation to hold above the 1475 support before wave major [3]-P3-C3 completes at the 1551 targer sometime in March.

Support is at 1475 and resistance at the 1524 pivot.

Have a nice weekend.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-25-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-25-13

SP-500 Daily chart (EOD):

PUG SP-500 Daily EOD 1-25-13

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