April19th, 2013: EOD Update
Posted by pugsma on April 19, 2013
7:50 pm EST: Although we did not get full confirmation with a move above 1557.59 today, it looks like wave major [A] or [4] ended yesterday at 1536.
The primary count is that major [A]-P4-C3 end at 1536. Minor [B] is underway headed for a 50% to 65% retrace in the 1567 to 1574 area. This first wave up is a 5-wave minor A of major [B] that looks to be nearly complete in the 1555 to 1563 area. There will then be a 3-wave minor B wave down to a 50% retrace around 1550 before a 5-wave minor C moves to the final target area of 1567 to 1574. After major [B] completes to make the right should eof the head and shoulders topping pattern, there will then be a nearly 100 point major [C]-P4 drop to the head and shoulders target area around 1472 to 1479.
The alternate (blue) count is that major [4]-P3-C3 wave completed at 1536. Major [5] is underway head for at least the P3=P1 target of 1614. This first 5-wave move up is minor 1 of major [5] that will end between 1555 and 1563. Then there will be a minor 2 wave retrace of 50%/62% to the 1545/1550 area before minor 3 heads for 1594 to 1597 area where minor 3 = 1.62*minor 1.
Have a great weekend !
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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