January 22nd, 2013: EOD Update
Posted by pugsma on January 22, 2013
6:50 pm EST: The SP-500 made a new, post March 2009 recovery high of 1493 today. This is the third consecutive day that the SP-500 has made a new recovery high.
The primary count is that wave iii-(3) of minor 3 of major [3]-P3-C3 is still unfolding headed for the iii=1.62*i target of 1498. The wave (3) target is at 1520 and the minor 3 target is at 1531. After wave iii-(3) completes at 1498, I’m looking for a wave iv-(3) retract of 38% to 1485 before wave v-(3) heads for the 1524 pivot area. The primary count will remain valid as long as the wave iv-(3) pull-back remains above the wave i-(3) high of 1472.75.
The alternate (blue) count is that wave i-(3) of minor 3 of major [3]-P3-C3 is ending here between 1493 and 1498 and that there will be a deeper pull-back for wave ii-(3) of a 62% retrace to the 1468 area before wave iii-(3) heads towards the 1524 pivot area.
Support is at the Sept 2012 high of 1475 and major resistance is at the 1524 pivot area.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
AAPL: The primary count looks good, as the wave (2) 496 low held today on the re-test. The primary count is that AAPL put in wave ii-(3) of minor 1 of major [1]-P5 today 497 and is beginning the wave iii-(3) move up toward a iii=2.62*i = 534 target. The wave (3) target is at 541, where (3)=1.62*(1). The alternate (blue) count looks for a move towards 467 to complete wave v-(c) of minor 5 of major [C]-P4, if the 482 level is breached.
AAPL 15-min chart (EOD):
AAPL 60-min chart (EOD):
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