April 5th, 2013: EOD Update
Posted by pugsma on April 5, 2013
5:15 pm EST: The McClellan Oscillator $NYMO closed back inside its lower BB for the 2nd straight day, which is typically a strong SP-500 buy signal. The $NYMO closed 14 points higher today at -38 versus the Apr 3rd close at -52 while the SP-500 closed lower today than it did on Apr 3rd. This is a significant positive divergence on the $NYMO with respect to the SP-500 and likely means at least a strong 2-day rally for the SP-500. Consequently both the primary count and alternate (blue) counts have been revised from the intra-day report.
The primary count is that major [4]-P3-C3 ended today at 1539.50 as a simple 3-wave Zig-Zag down from 1574. Minor 1 of major [5]-P3-C3 has begun with wave (3) of minor 1 in progress. Minor 1 should test the old high of 1574 in the next two days. Ultimately, major [5]-P3-C3 will reach at least the initial target of 1614, where P3=P1.
The alternate (blue) count is that major [4]-P3-C3 is playing out as a flat. The 3-wave drop from 1574 to 1540 is minor A of major [4]-P3-C3. Minor B up has begun, which should test the old high of 1574 in the next two days, before minor C sells-off back to 1540 in about a week or two.
Have a great weekend !
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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