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April 9th, 2013: Afternoon/EOD Update

Posted by pugsma on April 9, 2013

2:50 pm EST:   Thus far we have a nice 5-wave move up from 1539.50 to 1573.89, which is a new high above 1573.66 set for major [3]-P3-C3.

The primary count is that minor 1 of major [5]-P3-C3 will complete here at the all-time high resistance of 1574-1576.  Basis 1574, I have a minor 2 retrace target area of 1553/1557 (62%/50%).  The minor 3 target is then 1608-1612, where minor 3 = 1.62*minor 1. There is also a potential inverse head and shoulders with neckline at 1574, head a 1540 and target of 1608.  Ultimately, major [5]-P3-C3 should reach at least the P3=P1 target of 1614.  The primary count remains valid on minor 2 retrace that holds above the major [4]-P3-C3 low of 1539.50.  Below 1539.50 we have the alternate (blue) count unfolding.

The new alternate (blue) count is that these 5-wave up from 1539.50 are actually all of the major [5]-P3-C3 move that will end at the 1574 to 1576 all-time high resistance.  This will then lead to a month of two correction back to down to the 1459 level for P4-C3.  The 38% retrace of P3-C3 is at 1459.  This alternate (blue) count P4-C3 wave must remain above the P1-C3 high of 1422 to remain valid.

SP-500 15-min chart (2:20 pm EST):

PUG SP-500 15-min after 4-9-13

SP-500 60-min chart (2:30 pm EST):

PUG SP-500 60-min after 4-9-13

SP-500 4-hr chart (2:30 pm EST):

PUG SP-500 4-hr after 4-9-13

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