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March 28th, 2013: EOD Update

Posted by pugsma on March 28, 2013

4:10 pm EST:   The primary count is that wave v-(5) of minor 5 of major [3]-P3-C3 completed today at 1570.  Major [4]-P3-C3 should now retrace about 23% of major [3] to a 1518 target area.  It will take a break below 1563.95 to begin to confirm the top of major [3]-P3-C3 is in place and ultimately a break below 1546.22 is required for full confirmation.

The alternate (blue) count is that wave iii-(5) of minor 5 of major [3]-P3-C3 is still unfolding headed for a 1581 target, where iii=1.62*i.  Ultimately wave v-(5) should reach at least 1586, where (5)=(1) or 1590, where minor 5=1.  Also the ascending triangle measured move target is at 1590.

Have a great Easter Holiday Weekend!

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 3-28-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 3-28-13

SP-500 4-hr chart (EOD):

SP-500 4-hr chart EOD 3-28-13

SP-500 daily chart (EOD):

SP-500 daily chart EOD 3-28-13

APPL:  AAPL price suffered some big technical damage the past two trading days dropping back below the 50-day SMA (455) and 13-day EMA (451).  The primary count is in serious jeopardy now and has to be adjusted to make the move up from 419 to 470 as the completion of minor 1 of major [1]-P5.  This deep retrace of near 62% (438) would be minor 2 and once complete, minor 3 would move above 500.   However, the alternate (blue) count must be considered to be equal footing now with the primary count with the break back below the short-term MA’s.   The move up to 470 was simply minor 4 of major [C]-P4 and this drop to 442 is wave (1) of minor 5.  A bounce for wave (2) of minor 5 should be coming soon, before a drop to near 400 in wave (3) of minor 5.  Ultimate major [C]-P3 should complete near the [C]=[A] target of 396.

AAPL 15-min chart (EOD):

AAPL 15-min chart mid 3-28-13

AAPL 60-min chart (EOD):

AAPL 60-min chart mid 3-28-13

AAPL 4-hr chart (EOD):

AAPL 4-hr chart mid 3-28-13

GLD:  GLD price closed back below its 13-day EMA (154.87) and thus the new up trend is in some jeopardy.  GLD price will need to quickly recapture the 13-day EMA early next week.   For the primary wave count it looks like wave (2) of minor 3 of major [1]-P5 is complete or nearly complete at 154.22.  The wave (2) retrace target was 153.89, so this fits.  Next I’m looking for an aggressive move up in GLD price for wave (3) of minor 3 towards a 162.3 target, where (3)=1.62*(1).

GLD 60-min chart (EOD):

GLD 60-min chart mid 3-28-13

GLD 4-hr chart (EOD):

GLD 4-hr chart mid 3-28-13

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