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May 29th, 2013: Mid-day/EOD Update

Posted by pugsma on May 29, 2013

2:00 pm EST:   Primary count looks likes a potential wave (4) contracting triangle that completed wave c-(4) of minor 5 of major [4]-P3-C1 today.  Wave d-(4) up and e-(4) down yet to come.  Once wave e-(4) is complete wave (5) will make a new high above 1687 with a first target at 1694-96.  The triangle wave (4) remains valid above the wave a-(4) low of 1635.

Alternate (blue) count looks like wave i-(3) of minor A of major [4]-P3-C1 complete at 1640 and now a wave ii-(3) bounce is underway to the 50%/62% retrace area of 1656/1661.   Once wave ii-(3) completes the wave iii-(3) target is down at 1615/1620, where iii=1.62*i.   Ultimately minor A should each the 1576 to 1596 support area. This alternate count remains valid below yesterday’s wave (2) or minor A high of 1674.2

SP-500 15-min chart (mid-day):

PUG SP-500 15-min chart mid-day 5-29-13

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