June 11th, 2013: EOD Update
Posted by pugsma on June 11, 2013
4:25 pm EST: Primary count is that wave (b) of minor B of major [4]-P3-C1 is playing out as a triangle wave above 1623 support. Today’s low of 1622.92 is the a-(b) wave and the move to 1640.13 is wave b-(b). Wave c-(b) must stay above 1622.92 to keep the small triangle wave (b) option valid. A move below 1622.92 would mean that wave (b) is playing out as a zig-zag instead of a triangle with a target at 1614, where c=a. Once wave (b) of minor B completes, the wave (c) of minor B will head for 1670-1675 where (c)=(a). The primary major [4] triangle still has several move weeks to play-out through waves minor C, D and E above 1598 support As long as the minor A low of 1598 holds the primary count will remain valid.
The alternate (blue) count is that wave (a) of minor Y of major [4]-P3-C1 is underway headed for 1576 support. The move to 1623 today is wave i-(a) and the move up to 1640 wave ii-(a). Wave iii-(a) is underway headed for a first target of 1598, where iii=1.62*i. Ultimately, minor Y of major [4] should reach at least the Y=W target of 1560. There is also a Y=1.23*W target at 1540 and the 38 retrace of major [3] at 1527.
Support is at 1623 and then 1598. A break below 1623 would put the primary count in jeopardy and a break below 1598 will confirm the alternate (blue) count.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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