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June 27th, 2013: Mid-day/EOD Update

Posted by pugsma on June 27, 2013

11:05 am EST:   As per the usual, the initial bull wave up off a key bottom (i.e. major [4]) does not want to pull-back.  We have seen this time and time again since the March 2009 low.

Primary count is that wave (3) of minor 1 of major [5]-P3-C1 has been in progress since the 1573 wave (2) low.    The typical (3)=1.62*(1) relationship projects to 1615 and so far today the SPX has hit 1620. There is the 50-day SMA resistance at 1620 and also 1623 resistance, so I’m looking for wave (3) to end in this area.  There should then be small wave (4) consolidation, may be a triangle above 1597-1600 support.  Wave (5) should then move a target area of 1638 to 1653, depending on if (5)=(1) or (5)=1.62*(1).  This will end minor 1 of major [5]-P3-C1 and allow a move significant minor 2 correction, likely back to the 1600 support area.  After the minor 2 correction, minor 3 and minor 5 of [5]-P3-C1 should be headed for the 1775 target.

The alternate (blue) count is stretched to the limit of wave (b) of minor Y of major [4]-P3-C1 at the 62% retrace target of 1618.  If this alternate (blue) count is to play out, the SP-500 must break back below 1597-1600 support.    The projection for (c)=(a) is now up at 1529, which agrees with the 38% retrace of major [3] at 1527.

SP-500 15-min char (mid-day):

PUG SP-500 15-min chart MD 6-27-13

SP-500 60-min chart (mid-day):

PUG SP-500 60-min chart MD 6-27-13

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr chart MD 6-27-13

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