May 13th, 2013: SP-500 Mid-day/EOD Update
Posted by pugsma on May 13, 2014
12:15 pm EST: Today the SP-500 made a new all-time high of 1902.17.
The primary count is that wave (c) of minor 5 of major [5]-P3-C1 is underway. Wave (c) of minor 5 has a measured move, triangle target of 1932. There is also the (c)=(a) target area of 1938. This agrees with the long-standing P3-C1 target of 1941, where P3=1.23*P1. Wave iii-(c) is underway with a target of 1922, where iii=4.21*i.
The alternate (blue) count variant to the primary is that wave iii-(c) of minor 5 of major [5]-P3-C1 completed today at 1902, where iii=2.62*i. Wave iv-(c) is now underway with a 23%/38% retrace target area of 1895/1890. Once wave iv-(c) completes, wave v-(c) will move to a target of 1911, where (c)=0.62*(a) to complete minor 5 of major [5]-P3-C1.
The major [5] wave Ending Diagonal (ED) pattern has a maximum target of 1973. There is an IHS with target at 1974 and major [5]=[1] at 1974. It will take a break below the 1814 level to confirm that the ED is complete, the top of P3-C1 top is in place and the major [A]-P4-C1 wave is underway. However at this point a break of the 1850 low where the wave (b) of minor 5 ascending triangle began would be an early confirmation of the P3-C1 top.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
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