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May 9th, 2013: EOD Update

Posted by pugsma on May 9, 2013

6:35 pm EST:   Today we saw a new all-time SP-500 high of 1635 that is a candidate to be the end of minor 5 of major [5]-P3-C3.  However, it will take a move below 1596.65 before a move above 1635.01 in order to confirm.   And there are still the little higher target of 1640, where major [5]=0.5[1], so we’ll just have to watch and see.   Primary count is that major [5]-P3-C3 ended 1635.01.  The next move will be a move down toward 1596-1600 for minor 1 of major [A]-P4-C3.  Ultimately major [A]-P4-C3 should reach the 1553 pivot area.

The alternate (blue) count is that minor 3 of major [5]-P3-C3 completed today at 1635.  However, there are is still a possible higher minor 3 target at 1645 where minor 3 = 1.23*minor 1.    If minor 4 is underway the target area is 1615, which is the 38% retrace of minor 3.  Note, that minor 4 must remain above the minor 1 high of 1596.65 for this primary count to remain valid.  Once minor 4 completes, there will then be a final minor 5 move up to the major [5]-P3-C3 target of 1667, where [5]=0.62[1].

SP-500 15-min chart (EOD):

SP-500 15min EOD 5-9-13

SP-500 60-min chart (EOD):

SP-500 60min EOD 5-9-13

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