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June 12th, 2013: EOD Update

Posted by pugsma on June 13, 2013

6-13-13, 3:00 am EST:  Primary count for the major [4] triangle remains unchanged until a break below 1598.  A 78% retrace for (b) of minor B of Major [4]-P3-C1 is at 1609 and a 88% retrace is at 1604.  Once (b) completes the wave (c) of minor B target is up at 1665.  Triangle major [4] waves minor C, D and E yet to come between 1598 support and 1687 resistance.  It should take sever more weeks for major [4] triangle to play-out, before the major [5]-P3-C1 push up toward the 1800+ target.

Should the SPX cash market break below 1598, the primary count major [4] triangle is invalid and the new primary count will become that Major [4] playing out as a double Zig-Zag that will be ending very soon near the minor Y = 0.62*W target at 1594.   That would mean that the first move down to 1622 from the minor X high of 1649 was wave (a) the bounce to 1638 wave (b) now wave (c) of minor Y is headed 1596 where (c) = 1.62*(a).  The 23% retrace of major [3] is at 1590, which also fits with this primary count.

The alternate (blue) count is unchanged in that major [4]-P3-C1 is playing out as a deeper double Zig-Zag correction.  Wave iii-(a) of minor Y of major [4]-P3-C1 is underway headed for 1596 where iii = 1.62*i.  Ultimately wave (a) should find support above 1576, leading to a wave (b) bounce the test 1597 support turned  resistance before (c) completes at a minimum target of 1560, where minor Y = W.   There are also lower targets at 1640, where Y = 1.23*W and the 38% retrace of major [3] at 1527.  Finally the wave 4 of previous degree target is 1535.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 6-12-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 6-12-13

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