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February 14th, 2013: Mid-day/EOD Update

Posted by pugsma on February 14, 2013

5:55 pm EST: Here is the updated 15-min chart. For the primary count wave ii-(3) of minor 5 of major [3]-P3-C3 may not be over at 1514 today and might need to re-test 1514 or even 1508 tomorrow. Alternate (blue) count is looking for a large drop toward 1498 beginning tomorrow in a wave iii-(a) of minor 4 of major [3]-P3-C3. Ultimately minor 4 of alternate count is headed for 48 drop from 1524 toward the 1476 target (38% retrace) at the end of February.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 2-14-13

11:30 am EST: Should the SP-500 continue to struggle and fail to break above the 1524 pivot in the next few days per the primary count, then we’ll need to give serious consideration to the alternate (blue) count that has minor 3 of major [3]-P3-C3 topping out at 1524. This would lead to a 38% retrace of 48 points to a target of 1476 for minor 4 of major [3]-P3-C3. This move to 1476 would back-test the Sept 2012 1475 high. And the interesting thing about this alternate (blue) count is that it would likely lead to a higher major [3]-P3-C3 price target of about 1581, which would break above the Oct 2007 all-time high.

SP-500 60-min chart (11:20 am):

PUG SP-500 60-min mid-day 2-14-13

AAPL: AAPL is a very key inflection point here between 460 and 475. A break above the falling wedge trend line at 475 today or tomorrow would likely lead to a run above 500 per the primary count. And break below the “bear flag” lower trend at 460 would likely lead to a move to new lows below 436 per the alternate (blue) count.

For those that want to be play the potential AAPL alternate (blue) count on a break down through 460.10, I have added some more “color” (price targets) along the path to the 396 target for major [C]-P4.

AAPL 15- min chart (10:50 am):

PUG AAPL 15-min mid-day 2-14-13

GLD: GLD came very close to breaking it’s primary count major [2]-P5 low of 158.39 this morning hitting 158.54. If GLD breaks below 158.39, then primary count is invalid and a move down to the 154-156 is underway are per the alternate (blue) count.

GLD 60-min chart (11:48 am):

PUG GLD 60-min mid-day 2-14-13

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