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March 27th, 2013: Morning and EOD Update

Posted by pugsma on March 27, 2013

6:15 pm EST:  There is no change with anything on the wave counts presented for the SP-500 from this morning.   Below is the EOD 15-min chart.

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 3-27-13

12:45 pm EST: Updated AAPL wave counts. For the primary count the minor 3 completed at 470 and this pull-back is minor 4 of major [1]-P5. Minor 4 should retrace to near the wave (4) of previous degree near 448, which is also the 13-day EMA support. For this primary count to remain valid, minor 4 must not breach below the minor 1 high of 435. From there minor 5 of major [1]-P5 should make a new high above 470. For the alternate (blue) count, this initial move down off the minor 4 of major [C]-P5 high of 470 is wave (1) of minor 5. For this alternate count, major [C]-P4 will eventually make a new low below 419, with a first target of 396, where [C]=[A].

AAPL 15-min chart (mid-day):

AAPL 15-min chart mid 3-27-13

AAPL 60-min chart (mid-day):

AAPL 60-min chart mid 3-27-13

10:30 am EST: The question of the day is Ending Diagonal (primary) or triangle (alternate)?

For primary count I’m going to adjust the to an ending diagonal for wave (5) of minor 5 of major [3]-P3-C3. This means that the third push up from the 1538 wave (4) low to yesterday’s high of 1564 could be end major [3]-P3-C3. The e-(5) wave made a nominal new high at 1563.95 above the wave (3) high of 1563.62, which satisfies the E-wave requirement for this wave (5) ending diagonal. However it is possible the that this e-(5) wave could make one more attempt a higher high that 1563.95, but the limit is 1567.58 (where e < c). Once the 1546.22 level breaks, I’m looking for major [4]-P3-C3 to drop to the 23% retrace target of 1514.

For the alternate (blue) wave count that initial move up to 1563.95 from the wave (4) triangle low of 1546.22, would be wave i-(5) of minor 5 of major [3]-P3-C3. Today’s pull-back would be wave ii-(5) that must remain above 1546.22 to keep the alternate (blue) count valid. Once wave ii-(5) completes, wave iii-(5) would make a new all-time high above 1576. The wave (5)=(1) target is 1586 and the minor 5=1 target is 1590 to complete major [3]-P3-C3 per this alternate (blue) count.

So the key here to watch to is which breaks first: below 1546.22 we have the primary count headed for 1514 and above 1567.58, we have the alternate (blue) count headed for 1586 to 1590.

SP-500 15-min chart (10:30 am EST):

SP-500 15-min chart morn 3-27-13

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