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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):

PUG SP-500 15-min chart mid-day 5-23-13

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

PUG SP-500 60-min chart mid-day 5-23-13

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