June 14th, 2013: EOD Update
Posted by pugsma on June 14, 2013
4:30 pm EST: Primary count is that wave (c) of minor B of major [4]-P3-C1 is underway headed for the (c)=(a) target of 1659. It looks like the move up from 1608 to 1640 is wave i-(c) and now wave ii-(c) is underway. The ii-(2) 50% retrace target of 1624 was hit today and the 62% retrace target is at 1620. Once wave ii-(c) completes, wave iii-(c) and v-(c) will push to the 1660 target area. Note: I expect this major [4] triangle will continue to play-out in waves minor C (1620 target), D (1650 target), and E (1630 target) over the next few weeks to a month between 1597 support and 1687 resistance.
The alternate (blue) count has changed, as today’s negative price action below the 13-day EMA (1634) looks to be forming what could be a minor X wave triangle before the next big drop lower in wave minor Y of major [4]-P3-C1. The move up to 1640 looks like wave (c) or minor X and this move down is wave (d) headed for 1615-1612, before wave (e) of minor X takes one more stab higher possibility to about 1636. Once this minor X triangle completes near 1636, I’m looking for 89 point drop at least 1547, where minor Y=W. The 38% retrace of major [3] target is 1527 and the wave 4 of lesser degree target is at 1535, so these are all consistent with major [4]-P3-C1 target.
The primary count remains valid above 1598 and on a move below 1598 the alternate (blue) count takes over.
Have a great weekend.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.