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June 5th, 2013: EOD Update

Posted by pugsma on June 5, 2013

6:20 pm EST:  The McClellan Oscillator closed below -100 at -107, which is now extremely oversold.  $NYMO closes below -100 are rare and typically will lead to a multi-day rally.

Primary count (i.e. large triangle major [4]) is that wave minor A of major [4]-P3-C1 ended today at 1607, just below the (c)=(a) target of 1610.   The next move should be a wave (a) of minor B move up to above 1640 and the target for (c) of minor B of the major [4] triangle is up at 1670-1675.  Ultimately I’d expect this major [4] triangle to be range bound between 1597 support and 1687 resistance for the next 4 to 6 weeks.  Note: the low point (i.e. minor A) of this major [4] triangle should remain above the 23% retrace of major [3], which is 1590.

The alternate (blue) count is that wave iii-(3) of minor A of major [4]-P3-C1 ended today at 1607.  Then next move should be a wave iv-(3) that remains below 1640 and should reach the 23%/38% retrace area of 1620/1628.  Once iv-(3) completes, wave v-(3) should reach the (3)=1.62*(1) target of 1590.   Wave minor A of the major [4] large Zig-Zag count should reach 1576 support before a significant bounce for minor B up to the 1630/1640 area.  Ultimately the minor C of major [4] correction should reach the 38% retrace of major [3] at 1527.

Support is at 1597 and then 1576.  Resistance is at 1622 and then 1640.

SP-500 15-min chart (EOD):

PUG SPX 15-min chart EOD 6-5-13

SP-500 60-min chart (EOD):

PUG SPX 60-min chart EOD 6-5-13

SP-500 4-hr chart (EOD):

PUG SPX 4-hr chart EOD 6-5-13

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