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May 13th, 2013: Mid-day/EOD Update

Posted by pugsma on May 13, 2013

11:50 am EST:   It looks like this consolidation on the SP-500 is minor 4 of major [5]-P3-C3 and once complete there will one more push up above 1635 to complete minor 5 of major [5]-P3-C3 with targets ranging from 1640 to 1667 (see the 15-min chart for details).

Once P3-C3 is complete at 1640-1667, the first target for major [A] of the P4-C3 correction is at the 1553 pivot and ultimately P4-C3 correction should reach the 1498-1515 area, which is a 38% retrace of P3-C3.  However, it will take a break below the minor 1 high of 1596.65 to confirm the top of major [5]-P3-C3 is in place and the P4-C3 correction is underway.

SP-500 15-min chart (mid-day):

SP-500 15-min mid-day 5-13-13

SP-500 60-min chart (mid-day):

SP-500 60-min mid-day 5-13-13

SP-500 4-hr chart (mid-day):

SP-500 4-hr chart mid-day 5-13-13

SP-500 daily chart (mid-day):

SP-500 daily mid-day 5-13-13

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