June 24th, 2013: EOD Update
Posted by pugsma on June 24, 2013
7:30 pm EST: Primary count is that major [4]-P3-C1 ended today at 1560, just below the Y=W target of 1564. Wave i-(1) of minor 1 of major [5]-P3-C1 ended today at 1586 and wave ii-(1) is underway and will have to hold above 1560 to remain valid. The drop to 1573 late today was a 50% retrace and thus wave ii-(1) could be over, which would lead to a wave iii-(1) move up tomorrow to the iii=1.62*i target of 1615. I’m looking for wave (1) to reach the 1623 resistance area.
The alternate (blue) count is that wave (a) of minor Y of major [4]-P3-C1 ended to at 1560. Wave (b) is underway headed for the 50%/62% retrace target of 1606 to 1618. Wave a-(b) was the move up from 1560 to 1586 today and move down to 1573 at the close was wave b-(b) at a 50% retrace of (a). The next move should be a wave c-(b) up to least the c=a target 1599. Once wave (b) of minor Y completes, wave (c) will head toward the 1524 pivot area, which is the 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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