May 31st, 2013: EOD Update
Posted by pugsma on May 31, 2013
5:05 pm EST: The 1635 level was breached late today and thus the primary count for a triangle wave (4) of minor 5 of major [3]-P3-C1 is invalid.
The new primary count is that major [3] topped at 1687 and that major [4]-P3-C1 is playing out as a simple A-B-C Zig-Zag down to the area of the 23% retrace of major [3] at 1590. The move currently underway is wave (3) of minor C, with a target of 1620, where (3)=2.62(1). There should them be a wave (4) bounce to remain below the wave (1) of 1647 before wave (5) of minor C ends. The C=A target for major [4] is at 1610 and there is strong support at the 1597 area. Another variant of the primary count would be an A-B-C-D-E triangle instead of a zig-zag in which case this move down to 1590-1610 would just be wave A. This triangle option for major [4] would take a couple of months to complete above the 1576-1597 support zone before major [5]-P3-C1 head for a new high above 1687.
The alternate (blue) count remains the same in that wave iii-(3) of minor A of major [4]-P3-C1 is headed for the 1607 area and minor A should end between 1597 and 1576 before a strong minor B bounce of 50/62% to 1532-1645. The final target for minor C of major [4] of this alternate (blue) count is the 38% retrace of major [3] at 1527.
In either case once major [4] completes, major [5]-P3-C1 will reach a new high above 1687. The targets for P3-C1 are up at 1804 to 1873.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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