January 30th, 2013: EOD Update
Posted by pugsma on January 30, 2013
1-31-13 2:45 pm: I wanted to show a chart of the McClellan Oscillator ($NYMO) vs the SP-500 going back to Nov 2011. Notice that during the major  rally for Primary 1 of Cycle 3 (i.e. -P1-C3) from Nov 2011 to April 2012, the $NYMO began to break-down below zero and continue to make lower, lows repeatedly breaking the lower Bollinger Band (BB) from about the mid-point of the rally in early February 2012. This is precisely what is transpiring right now with the $NYMO. So while some may worry about the $NYMO dropping now as the SP-500 continues to climb higher as being unusual, it fact it has happened within the last year as exact same point in a major  bull rally.
6:20 pm EST: Another new recovery high was made to at 1510.
The primary count is that wave i-(5) of minor 3 of major -P3-C3 completed today at 1510. The pull-back to 1500 was wave ii-(5), and now I’m looking for a wave iii-(5) move up to 1519, where iii=1.62*i. Ultimately, wave v-(5) of minor 3 should end in the 1524 pivot range of 1517 to 1531. There is a fib target at 1531, where minor 3 = 1.23*minor 1. Note, that wave ii-(5) must hold the 1498.09 level for this primary count to remain valid. A move below 1498.09 means that the alternate (blue) count is underway.
The alternate (blue) count short-term variant to the primary count is that wave (5) of minor 3 of major -P3-C3 completed today at 1510. The minimum triangle target was 1513, so this move from 1510 effectively satisfies that requirement. This alternate (blue) count means that the minor 4 wave is underway with typical targets of 1484 (23% retrace of minor 3) to 1467 (38%) retrace.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
Sorry, the comment form is closed at this time.