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Chart Technical Analysis and Commentary on the Stock Market

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February 7th, 2013: EOD Update

Posted by pugsma on February 7, 2013

4:50 pm EST:   Today price action followed the primary count for a wave (c) of minor 4 of major [3]-P3-C3 down to 1499.   Wave (d) the minor 4 ascending triangle appears to be underway and headed for a re-test of 1515.  From there a small wave (e) down to 1505 to 1510 before minor 5 of major [3] launches higher to the 1551 target.

For the alternate (blue) count wave (2) of minor 5 of major [3]-P3-C3 is adjusted down today’s low of 1499 and wave (3) up is underway with a target of 1531, where (3)=1.62*(1).  The alternate count requires a decisive move to break the 1515 resistance tomorrow.   The major [3]-P3-C3 target is the same as the primary count at 1551.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 2-7-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 2-7-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 2-7-13

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