June 18th, 2013: EOD Update
Posted by pugsma on June 18, 2013
5:10 pm EST: Today went as expected with the SP-500 pushing up toward the primary count target of 1659 where (c)=(a) of minor B of major [4]-P3-C1 for the contracting triangle. It should be noted that there is an IHS pattern with broken neckline at 1648 that measures to 1688. Should the SP-500 move past the (c)=(a) target of 1659, then the next target is 1688 for minor B. This would be the scenario if major [4] decided to play-out as an ascending triangle with flat top at 1688 versus the shown contracting triangle. In either case there will still be waves for minor C (down), D (up) and E (down) to complete major [4] before major [5] launches towards the 1800+ target for the completion of P3-C1.
The alternate (blue) count remains that this move up to 1659 is the completion of minor X of major [4]-P3-C1. Once minor X completes, minor Y should dropt in a 3-wave move (a)-(b)-(c) to a target at least at 1570, where W=Y. It will take a break below 1598 to invalidate the primary count triangle and validate this alternate (blue) count.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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