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June 7th, 2013: Mid-day/EOD Update

Posted by pugsma on June 7, 2013

12:10 pm EST: The primary count is that the major [4]-P3-C1 triangle is playing out as expected with the minor A low at 1598 and now minor B is headed for 1670-1675. Wave (a) of minor B has reached the 1640 area target and now there should be a small wave (b) consolidation above 1623 support before wave (c) of minor B heads for 1670. Remember all 5 legs of a triangle are 3-wave moves. This primary count major [4] triangle remains valid above the minor A low of 1598.

The alternate (blue) count calling for a major [4] wave double Zig-Zag down to 1527 has been revised to show minor W of major [4]-P3-C1 ending at 1598, instead of 1576. This move up from 1598 is a minor X wave that should end between the 50% retrace at 1643 and the 62% retrace of 1653. The next move will be a minor Y wave drop to an initial target area of 1554-1564, where Y=W or the Y=1.23*W targets are 1533-1543. Also the 38% retrace of major [3] is at 1527 and the wave 4 of previous degree is at 1535, which are both valid major [4] targets. So there is a look of confluence in the 1524 to 1553 pivot area. This alternate (blue) would be confirmed on a move below 1598.

Have a great weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 6-7-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 6-7-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 6-7-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 6-7-13

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