PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

April 5th, 2013: Mid-day Update

Posted by pugsma on April 5, 2013

12:10 pm EST:  The SP-500 price chose the primary count, as it more often than not does.

For the primary count I have tentatively labeled the drop to 1539.50 this morning the end of wave (3) of minor C of major [4]-P3-C3.  The current move up is part of wave (4) of minor C.  This wave (4) must remain below the wave (1) low of 1552.52 for this count to remain valid.  Ultimately, have major [4]-P3-C3 ending near the 1524 pivot, where C=1.62*A at 1523 and the 23% retrace target of 1521.

The new alternate (blue) count view is that the move to 1539 today was the end of major [4]-P3-C3 at the C=A target.

In either case once major [4]-P3-C3 completes the major [5]-P3-C3 initial target is at 1614, where P3=P1.

SP-500 15-min chart (12:00 pm EST):

PUG SP-500 15-min mid-day 4-5-13

SP-500 60-min chart (12:00 pm EST):

PUG SP-500 60-min mid-day 4-5-13

Sorry, the comment form is closed at this time.