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April 30th -May 1st, 2013: Update

Posted by pugsma on April 30, 2013

4-30-13, 5:00 pm EST:  I’m post-dating this April 30th blog post as May 1st along with today’s AAPL and GLD blog post, so that they can viewed with then new May 2013 password, thus allowing subscribers to easily view the updated SP-500, AAPL and GLD wave counts under the new May password.

Nothing has changed today with respect to the SP-500 wave counts.

For the primary count this major [B]-P4-C3 needs to end here between 1597 and 1611, allowing for a major [C] wave down to the 1553 to continue the P4 triangle.  Major [C] should be a 3-wave move A-B-C lower and the target area for minor A of major [C] is the 1572 area.

For the alternate (blue) count this wave iii-(3) of minor 3 of major [3]-P3-C3 wave needs to move aggressively above 1597 targeting the 1628 area, where minor 3 = 4.22*minor 1.  Ultimately by this alternate (blue) count, major [3]-P3-C3 will reach the 1640 to 1667 target area before the next significant correction of P4.

The balance of this week should be very decisive with respect to which wave count on the SP-500 is correct.   The odds are probably 50/50 here at 1597 on which way things will break.   Big technology (NDX) has been leading this recent move up and if this continues in the coming days the alternate (blue) count should play out.

SP-500 15-min chart (EOD):

SP-500 15-min EOD 4-30-13

SP-500 60-min chart (EOD):

SP-500 60-min EOD 4-30-13

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