May 22nd, 2013: EOD Update
Posted by pugsma on May 22, 2013
4:55 pm EST: With the SPX 38 point reversal today and a very close call on a making a new lower, low below 1648, it’s prudent to show an alternate (blue) count.
The primary count is minute (3) of major [3]-P3-C1 topped today at 1687 and the drop to 1649 was minute (4) or a-(4) if (4) plays out as a triangle. The 38% retrace for (4) is at 1347. Once (4) is complete, wave (5) will make a new high above 1687. Minute (5) targets range from 1694 to 1744, with 1710 as an intermediate target. Once major [3] completes in the 1694 to 1744 area, then major [4] should be 23% retrace the 1596-1634 area.
The alternate (blue) count is that major [3]-P3-C1 completed today at 1687 and this that this first move down to 1649 is wave (1) of minor A of major [4]. there should be a wave (2) bounce up t 1668 to 1672 (50%/625 retrace) before wave (3) heads for 1608, where (3)=1.62*(1). The minor A target is at 1597 and the completion of major [4] target is 1527 or a 38% retrace of major [3].
Support is at 1648 and then 1597. Resistance is at 1687. A break of 1649 support and the 13-day EMA at 1645, would like lead to the alternate (blue) count playing out.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 Daily Chart (EOD):
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