March 22nd, 2013: EOD Update
Posted by pugsma on March 22, 2013
5:45 pm EST: Today’s price action did nothing to change the three SP-500 count option discussed yesterday. If anything the major [4]-P3-C3 triangle count now looks stronger with today’s price action, as long as the minor A low of 1538 holds and no break-0ut above 1564 does occurs over the next few days to a week. Thus this major [4]-P3-C3 triangle could be coiling up to produce one more big push up to complete P3-C3 above 1600 as forecast.
A quick break-down below 1538 leads to the Zig-Zag c0unt for major [4]-P3-C3 headed for the 1515 to 1525 support area. And a quick break-out above 1564 leads to the alternate (blue) count for major [3]-P3-C3 reaching up to 1580-90. In between for the next few days to week and we have the major [4]-P3-C3 triangle.
Enjoy the weekend.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
AAPL: Today’s move above the 50-day SMA and close there, looks very positive for the primary count headed for 500-510 for major [1]-P5. The next major resistance is at the 485 area. I have a wave iii-(3) of minor 3 of major [1]-P5 target at 475.
AAPL 15-min chart (EOD):
AAPL 60-min chart (EOD):
GLD: Gold looks like it might need a little more correction down to about 153.8 to complete wave (2) of minor 3 of major [1]-P5. The rising 13-day EMA 154.84 is a key level to hold above on a closing basis. So a quick trop to 153.8 for wave (2) is OK as long as price recovers quickly in wave (3) of minor 3 move up.
GLD 60-min chart (EOD):
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