June 17th, 2013: EOD Update
Posted by pugsma on June 17, 2013
4:30 pm EST: For the primary count wave (c) of minor B of the major [4]-P3-C1 triangle moved higher as predicted toward the (c)=(a) target of 1659. Wave iv-(c) maybe playing out as a running flat or triangle with one more wave v-(c) push up yet to come. Once minor B completes near 1659, minor C will test the 1615-20 area, before minor D rises to 1645-50 and finally minor E tests the 1635 triangle pivot area. Thus, this major [4] triangle still has at least a couple of weeks to a month to continue play-out before major [5]-P3-C1 breaks out towards the 1800+ target for P3-C1. Note that the primary count major [4] triangle remains valid above the minor A low of 1598.
The alternate (blue) count has minor X of the major [4]-P3-C1 double Zig-Zag either completed today at 1646 or maybe more push up to 1659, where (c)=(a). Once minor X completes between 1646 and 1659, minor Y will get underway and headed for a new low below 1598. The initial minute (a) of minor Y wave target is 1597 and the final minor (c) of minor Y target is at 1570 or more likely 1550 to 1527 (38% retrace of major [3]).
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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