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April 11th, 2013: EOD Update

Posted by pugsma on April 11, 2013

5:40 pm EST:  I’ve had a 1614 target for the end of P3-C3 since the fall of 2012.  I see no reason to change it now.  With the in mind I believe we in the final waves up major [5]-P3-C3.   I’m looking at today’s move to 1597 was wave iii-(5) of minor 3 and the consolidation today as wave iv-(5) of minor 3.  It looks like wave v-(5) of minor 3 might pop to about 1600 to 1602 tomorrow morning.  From there minor 4 should correct by a 38% retrace back to 1582, before one last push higher for minor 5 of major [5]-P3-C3 that ends in the 1608 to 1614 area.  I have an inverse head and shoulder target at 1608 and a P3=P3 target at 1614 to complete this Primary 3 (P3) of Cycle 3 (C3) wave at the top of the light blue channel line on the 4-hr chart.

If you look at the 60-min and 4-hr charts you can see a large head and shoulders top forming on the SP-500 with head at 1614, neckline at 1540 and left shoulder at 1575.    This head and shoulders pattern will form the basis of the P4-C3 correction down the 38% retrace target of 1482.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 4-11-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 4-11-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 4-11-13

SP-500 Daily Chart (EOD):

PUG SP-500 Daily EOD 4-11-13

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