January 23rd, 2013: EOD Update
Posted by pugsma on January 23, 2013
6:25 pm EST: Today the SP-500 made a 4th daily consecutive post March 2009 recovery high at 1496.
For the primary count wave iii-(3) of minor 3 of major -P3-C3 ended today at 1496, just 2 points shy of the wave iii=1.62*i target of 1498. Next we should expect a wave iv-(4) consolidation with targets at a 23% retrace of 1489 to a 38% retrace of 1484. This wave iv-(3) must remain above the wave i-(3) high of 1472.75 in order this primary count to remain valid.
For the alternate (blue) count variant, we have today’s 1496 high as the end of wave i-(3) and now we should expect a deeper wave ii-(3) pull-back of between a 50% retrace to 1474 to a 62% retrace to 1469. For this alternate (blue) count to remain valid the wave (2) low of 1452 must not be breached.
Support is at 1475 and then the 1440 pivot area. Major resistance at the 1524 pivot.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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