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June 3rd, 2013: EOD Update

Posted by pugsma on June 3, 2013

5:10 pm EST:  Primary count is that minor A of major [4]-P3-C1 completed today at 1623.  Confirmation will come on a move above 1647, which is the wave i-(c) of minor A low.   If this move up to 1640 stalls below 1647, then this move up could only a wave iv-(c) of minor A and there will be a wave v-(c) move below 1623 that would target the (c)=(a) area of 1610.  In either case, I’m expecting major [4] to play out as a triangle wave (contracting or ascending) above 1597 support (23% retrace of major [3]) over the next two months.  If wave minor A did ended today at 1623, then we can expect minor B to end back towards 1687 over the next week.   There will be waves minor C down, D up and E down yet to come, as the SPX is range bound between 1597 support and 1687 resistance for June and July.  Note, that is this major [4]-P3 triangle primary  count would satisfy the guideline of alternation with the major [3]-P3 sharp Zig-Zag form 1422 to 1267.  This is one reason I prefer it over the alternate count.

The alternate (blue) count is that wave iii-(3) of minor A of major [4]-P3-C3 is still unfolding headed for 1607 where iii=1.62*i.  The (3)=1.62*(1) target is at 1590 and the wave (5) of minor A target is at 1576.  This would complete minor A of a large A-B-C Zig-Zag for major [4].   After a minor B bounce to 1634/1642 (50%/60% retrace,) minor C of major [4] will reach the 38% retrace of major [3] target of 1527 over the next two months.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 6-3-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 6-3-13

SP-500 4-hr chart (EOD):

PUG SP-500 4hr chart EOD 6-3-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 6-3-13

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