April 1st, 2013: EOD Update
Posted by pugsma on April 1, 2013
5:00 pm EST: I’ve been calling for P3-C3 to reach 1614, where P3=P1, for a long time now. I still believe P3-C3 will at least reach this 1614 level or high in the next month or two. However what matters in the short-term is the path by which 1614 is reached. I’m going to stick to my guns with the primary count calling for a test of the 1524 pivot before any new all-time high above 1576 will be reached. However, I’m going to adjust my alternate (blue) count to call for a direct path up to 1614 in the next few weeks.
The primary count is that wave (1) of minor A of major [4]-P3-C3 hit 1559 today, before a wave (2) bounce to 1564. Tomorrow I’m looking for wave (3) to drop to 1546, where (3)=1.62*(1) and wave (5) of minor A should reach 1538. Ultimately major [4]-P3-C3 will test the 1524 pivot support, where the 23% retrace of major [3] is at 1519.
The alternate (blue) count is that major [4]-P3-C3 completed at 1546 as an ascending triangle. The move up to 1571 was minor 1 of major [5]-P3-C3. Today’s drop to 1558 could have been all of minor 2 at the 50% retrace or there could be a little more downward move tomorrow to 1556 (62% retrace). Ultimately minor 2 must remain above 1546 to keep this alternate (blue) count valid. From the minor 2 low of 1556 to 1559, the minor 3 target is at 1597-1600, where minor 3=1.62*minor 1. Ultimately major [5]-P3-C3 should reach at least 1614, where P3=P1. And there are much higher P3-C3 targets to keep a watch for at 1674, where [5]=0.62*[1] and 1754,
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
AAPL: AAPL’s primary count is in serious trouble and will fail on a break below 419. The alternate (blue) count calling for minor 5 of major [C]-P4 drop to 396, where [C]=[A; looks more likely at this point and aligns well with the SP-500 primary count calling for a pull-back to 1524.
AAPL 60-min chart (EOD):
AAPL 4-hr chart (EOD):
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