May 14th, 2013: Mid-day Update
Posted by pugsma on May 14, 2013
12:45 pm EST: For the SP-500 I have revised of Long-Term Wave Count Bull Model to a Cycle 1 of Super Cycle V (i.e. Cycle Degree Wave Model for Super Cycle V that began in March 2009). The move from 667 to 1646 has been to rapid (4 years) to be near the completion of Super Cycle V and thus, the wave count is reduced by one degree from Super Cycle to Cycle degree. C1 of SCV is nearing completion of major [3]-P3 at the target area of 1665. Ultimately P3-C1 should reach the 1779 area where P3=P1 and P5-C1 should reach about 1947, where P5=0.62*P1. Completion of Cycle Degree 1 is targeted for late 2014 to mid-2015. From the C1-SCV top there will be a significant correction for C2-SCV down to the 1150 to 1300 area. See the weekly and month SP-500 charts for the count details.
On the 15-min chart it looks like wave iii-(5) of minor 5 of major [3]-P3-C1 has topped out at the iii=1.62*i target of 1650. I’m expecting iv-(5) of minor 5 to hold above the wave i-(5) high of 1636 and before v-(5) of minor 5 reach the minor 5=0.62*minor 1 target of 1665 to complete major [3]-P3. Once major [3]-P3 is complete major [4]-P3 should correct to the 38% retrace target of 1515.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
SP-500 weekly chart (5-14-13):
SP-500 monthly chart (5-14-13):
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