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May 17th, 2013: EOD Update

Posted by pugsma on May 17, 2013

5:00 pm EST:  Just a quick update from my laptop after my daughter’s graduation and before I take my family out to dinner tonight.

Primary count is that minor 5 of major [3]-P3-C1 is finishing up here just above the 1665 target, where M5=0.62*M1.  The primary needs at break below 1636 and 1557 to confirm the major [3]-P3-C1 top.

Alternate (count) is that minute (4) of minor 5 of major [3]-P3-C1 is playing out as an expanded flat that will test back down to the 23% retrace target of 1643.  It also possible that wave (4) is already in the books at 1648 as a simple flat.  In either case after wave (4) completes, wave (5) will continue higher target of 1694 where major [3]=1.23*[1].

Enjoy the weekend.  I’ll post again on Monday, May 20th EOD.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 5-17-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-17-13

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