April 15th, 2013: EOD Update
Posted by pugsma on April 15, 2013
5:10 pm EST: With the break today below 1554 level, which was the minor 1 of major [5]-P3-C3 1544 high, the top of P3-C3 is confirmed at 1597.35 on Thursday April 14th. The initial move down from 1597 to 1580 was minor 1 of major [A]-P4-C3. The bounce to 1589 was minor 2 and this current move down is minor 3. So far minor 3 has reach 1552, but there is minor 3 target at 1543, where minor 3 = 2.62*minor 1. I’d then expect a weak bounce for minor 4 to the 1553 pivot area and then for minor 5 of major [A]-P3-C3 to complete at about 1540. Note that 1540 is the neckline of the large head and shoulder top that I identified last Friday, April 15th. This will set-up the major [B]-P4-C3 bounce to about 1574 to form the right shoulder, before major [C]-P4-C3 breaks the 1540 neckline route to the 1483 head and shoulder target. The 38% retrace of P3 is also located at 1482, which is a typical wave 4 retrace. Note that P4-C3 must hold above the P1-C3 high of 1422 to remain a valid count.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.