May 1st, 2013: Afternoon/EOD
Posted by pugsma on May 1, 2013
2:35 pm EST: The price action down from yesterday’s all-time high of 1597.57 thus far has been indecisive in separating the two wave counts. It will take a break down below of the 1576 pivot in order to confirm the primary count triangle and that major [C]-P4-C3 wave is underway headed for at least the 1553 pivot area. In the meantime, I have modified the alternate (blue) count to show this current pull-back as minor 2 of major [5]-P3-C3 wave that should hold above the 1576 pivot and lead to minor 3 of major [5] wave up to the 1645 area. There is a potentially bullish cup and handle pattern forming on the 15-min chart with the rim of the cup at 1597 and this current pull-back as the handle. The cup measures 61 points (1597-1536) and on a break out above the rim at 1597, the target is 1597 + 61 = 1558. This agrees close with the major [5]=0.62*[1] target at 1667.
SP-500 15-min chart (afternoon):
SP-500 60-min chart (afternoon):
SP-500 4-hr chart (afternoon):
SP-500 daily chart (afternoon):
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