May 2nd, 2012: Afternoon/EOD Update
Posted by pugsma on May 2, 2013
2:55 pm EST: SP-500 price action today has made the alternate (blue) count more likely and a break-out above 11613 should confirm this alternate (blue) count is headed for 1667 for complete P3-C3.
The primary count for now remains the P4 triangle with this move up being the [B]-P4 wave that should not move above 1611-1613. The next move will be a 3-wave drop down to the 1553 pivot support for major [C]. To be followed by [D] up and [E] down to complete the P4 triangle over the next few weeks to month.
The alternate (blue) count is that major [5]-P3 is extending and will target the 1667 area where [5]=0.62*[1]. Currently the major [5] wave is in minor 3, with a target of 1645.
I’m introducing a new alternate (red) count today this major [5]-P3 wave is about to end here between 1598 and 1613 (P3=P1 target), leading to very rapid P4 wave move lower to 1482 or the 38% retrace point. This very bearish intermediate term alternate (red) count would be more likely on move below the 1553 pivot and confirmed on move below 1536. The first target area for major [A]-P4 is at the 1524 pivot.
Wave 4’s are take on a lot of forms and this Primary 4 (P4) wave is proving to be very tricky. We’ll just have to watch for the following:
1) Range-bound between 1536 and 1613, primary count.
2) Break-out above 1613, alternate (blue) or
3) Break-down bellow 1536, alternate (red).
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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