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April 2nd, 2013: Mid-day Update

Posted by pugsma on April 2, 2013

10:45 am EST:   Primary count has been adjusted to show the move up since the 1538 low as an ending diagonal triangle for wave (5) of minor 5 of major [3]-P3-C3.  This ending diagonal is now in its final e-(5) leg up with a maximum target of 1585, so that e < c < a.   There is resistance at the all-time high of 1576.   Once an ending diagonal completes, price will fall quickly back to where it started (1538).  Ultimately, I believe major [4]-P3-C3 will test the 1524 pivot area, which the 23% retrace of major [3]-P3-C3.

The alternate (blue) count remains the same in that this move higher is major [5]-P3-C3 headed for a minimum target of 1614, where P3=P1.       For this alternate (blue) count major [4] played out as an ascending triangle that end at 1546.  The initial move up to 1571 was minor 1 of major [5].  The move down to 1558 was minor 2.   And now minor 3 up is underway headed for 1600, where minor 3 = 1.62*minor 1.  The alternate (blue) count remains valid as labeled above yesterday’s low of 1558.47.

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

PUG SP-500 15-min morn 4-2-13

SP-500 60-min chart (10:30 am EST):

PUG SP-500 60-min morn 4-2-13

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