April 23rd, 2013: EOD Update
Posted by pugsma on April 23, 2013
6:15 pm EST: For the primary count the SP-500 exceeded my 1576 (62% retrace) target for major [B]-P4-C3 today and hit 1580. It now looks like the major [B]-P4 Zig-Zag might reach either the 78% retrace of 1583 or even the 88% retrace at 1590. The move to 1580 today looks like the completion of wave (3) of minor C of major [B]. The drop from 1580 to 1562 today and bounce to 1579 were waves a-b of (4) of an irregular flat with a c-(4) drop and a wave (5) up to follow. There are also higher targets for major [B] at 1597 and 1611 if P4 plays out flat or expanded flat. Above 1611, then we have the alternate (blue) count underway. Ultimately as long as major [B] stays below 1611 in the coming few days to a week, there should be a large major [C]-P4 drop to 38% retrace of P3 target of 1472, which is near the rising 200-day SMA at 1454 today. A drop below the wave (1) of minor C high of 1553 will confirm that minor C of major [B] is over and that the major [C]-P4 move much lower is underway.
The alternate (blue) count is that wave (1) of minor 3 of major [5]-P3-C3 completed today at 1580 and that there is an irregular flat playing out for wave (2) of minor 3 that will hold above the 1562 area. Wave (3) of minor 3 should reach about 1620 and the wave (5) of minor 3 target is 1628, where minor 3 = 4.22*minor 1. Ultimately major P3-C3 should reach at least the major [5]=0.5*[1] target of 1640 and there are high targets at [5]=0.62*[1] = 1665 and [5]=[1] at 1744. A move above 1611 will invalidate the primary count and confirm the alternate (blue) count. This alternate (blue) count for major [5]-P3-C3 continuing to extend could lead to a large rally into the early summer if the 1744 area is the goal of this wave.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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