June 21st, 2013: Mid-day/EOD Update
Posted by pugsma on June 21, 2013
1:15 pm EST: Primary count is looking for major [4]-P3-C1 to end here at the 1576 pivot range (1569 to 1583). So for today the SP-500 traded down to 1577.70, so major [4]-P3-C1 should be wrapping up. There is also a (c)=0.62(a) target at 1575 for minor Y of major [4] and there is Y=W target at 1565, should the SP-500 want to make a lower, low than 1577.70. Note that the major [5]-P3-C1 target is 1790 basis major [4] ending at 1578 today, which is the major [5]=0.62[1] target.
The alternate (blue) count is that this move to the 1576 pivot range is only wave minute (a) of minor Y of major [4]-P3-C1. After a minute (b) retrace between 50%/62% (1616/1625), there will be a minute (c) move down to the W=Y target of 1544 or to the 38% retrace of major [3] at 1527.
A McClellan Oscillator close above yesterdays low of -78.85 will confirm a positive divergence on the $NYMO (-79 for SPX 1588) versus the $NYMO -107 for SPX 1598 from earlier in June. This $NYMO positive divergence form a over-sold area around -80 would likely lead to a significant rally in the SPX, which would favor the primary count.
Have a great weekend !
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 Daily chart (mid-day):
SP-500 Weekly Chart (EOD):
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