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April 8th, 2013: EOD Update

Posted by pugsma on April 8, 2013

4:35 pm EST:  Today went precisely has predicted on Friday with both the primary and alternate (blue) count predicting a move higher to at least the 1563 resistance and has high as 1574.  The SP-500 moved up to 1563 resistance at the close.

For the primary count this move up from 1540 is minor 1 of major [5]-P3-C3.  It’s possible that minor 1 ended today at 1563 resistance or could attempt to match the hold high at 1574 tomorrow.   In either case, there will be a minor 2 wave to test 1553 pivot support before minor 3 makes a new high above 1574.  The initial target area for minor 3 is slightly above 1600.  Ultimately major [5]-P3-C3 should reach at least the P3=P1 target of 1614.  Note that the primary count remains valid above the recent major [4]-P3-C3 low of 1439.50.

For the alternate (blue) this move up could be either a minor B wave of a flat or expanded flat for major [4]-P3-C3 that will test the 1574 high or it could be a minor X wave of a double Zig-Zag for major [4]-P3-C3. I showed the flat count last Friday for the alternate (blue) and today I show the double Zig-Zag count.  Both are good possibilities here at as the alternate count, but it will take a break of 1539.50 to confirm the alternate count.  Depending on whether this minor B wave plays out as a flat, expanded flat or double Zig-Zag, there major [4]-P3-C3 downside targets range from 1540, 1529, 1521, to 1508.  If the minor X wave ends here at 1563 resistance, then the there is head and shoulders with neckline at 1540 and target of 1506.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 4-8-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 4-8-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 4-8-13

SP-500 Daily Chart (EOD):

PUG SP-500 Daily EOD 4-8-13

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