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May 6th, 2013: EOD Update

Posted by pugsma on May 6, 2013

4:45 pm EST:  Primary count is that wave (5) of minor 5 of major [5]-P3-C3 is underway headed for a target of 1631, where (5)=(1) or 1640, where major [5]=[1].  The primary count should top out in the next few days around May 8th-9th.   This primary count remains valid above the wave (1) of minor 5 high of 1598.60.  A break of 1598.60 would likely mean that P3-C3 had topped and that the P4-C3 correction is underway with the first target for major [A]-P4-C3  at the 1553 pivot.  Ultimately P4-C3 should reach the 1475 to 1500 area during the summer months of July-August.

Alternate (blue) count is that wave (5) of minor 3 of major [5]-P3-C3 is underway headed for a target of 1645, where minor 3 = 1.62*minor 1.  There will then be a minor 4 correction and ultimately, minor 5 of major [5]-P3-C3 should reach the 1667 target, where major [5]-0.62*[1].   This alternate (blue) count remains valid as long as minor 4 remains above 1596.65.  This alternate (blue) count should last into OPEX around May 17th.

So basically by either count P3-C3 is free to continue higher above today 1620 high as long as the SP-500 price stays above 1596-1998 on any significant correction.  Below the 1596-1598 area, it’s like that P3-C3 has topped and a significant correction for P4-C3 is underway headed for the 1475 to 1500 area.

SP-500 15-min chart (EOD):

SP-500 15-min EOD 5-6-13

SP-500 60-min chart (EOD):

SP-500 60-min EOD 5-6-13

SP-500 4-hr chart (EOD):

SP-500 4-hr EOD 5-6-13

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