January 29th, 2013: EOD Update
Posted by pugsma on January 29, 2013
5:20 pm EST: The primary count just keeps on rolling along; knocking out correct wave predictions one right after the other.
Today the minute (4) wave ascending triangle broke-out above the 1502 flat top and began a measured move for wave (5) of minor 3 of major [3]-P3-C3 that targets 1513 min (i.e. 1502 + (1502-1591)). There is also the 1524 pivot (range 1517 to 1531) resistance dead ahead that should end this minor 3 move up from the minor 2 low of 1398. And there is a fib target for minor 3 at 1531, where minor 3 = 1.23*M1. Once minor 3 completes, I have a couple of targets for the minor 4 consolidation shown on the 15-min and 60-min charts. I’m think minor 4 will likely be a boring sideways correction that might only retrace 23% of minor 3 to 1500 basis minor 3 ending at 1531. Of course it could be a deeper 38% retrace down to 1481 and the 1475 support zone (alternate (blue) count). Once minor 4 completes in February, minor 5 of major [3]-P3-C3 will target the 1551 area in March.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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