May 23rd, 2013: Mid-day/EOD Update
Posted by pugsma on May 23, 2013
11:45 am EST: SPX 1635 was the 50% retrace of the 1581 to 1687 move up. Here is a quick update to the wave counts.
Primary count is that wave (4) of minor 5 of major [3]-P3-C1 is complete at the 50% retrace of 1635. Wave (5) is underway targets at 1694, where (5)=(1) to 1734, (5)=1.62*(1). There is also a major [3]=1.23*[1] target at 1694 and minor 5=1 target at 1744. If wave (4) decides to move below 1635, then his primary count remains valid above the wave (1) of minor 5 high of 1597.
The alternate (blue) count is that minute (1) of major A of major [4]-P3-C1 is complete at 1635. There should be a 50%-62% retrace up to 1661-1667 for wave (2) of minor A before wave (3) drops below 1597 to invalidate the primary count. The minor A target is at 1576.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
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