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July 1st, 2013: Morning Update

Posted by pugsma on July 1, 2013

10:35 am EST:  Primary count is looking great with the move up to 1626 so far this morning.   Wave iii-(5) of minor 1 of major [1]-P3-C3 is underway.  The target is at 1632, where iii=1.62*i.   Ultimately it looks like wave (5) will reach the 1643 target, where (5)=1.62*(1).  There is also a lower minor 1 target at 1627, where (5)=(1) if this minor 1 wave ends very soon.   After minor 1 completes, there will be a minor 2 pull-back to the 1600 support area before minor 3 makes a new high above 1687.  Note: there is potential IHS forming with head at 1560, neckline near 1654 and target of 1748, which would correspond to the minor 3 of major [5] target area.  The final target for major [5]-P3-C1 is at 1775.

The alternate (blue) count is much less likely on the break above 1620 today.  However, the alternate (blue) is still theoretically possible for a wave (b) completion below 1654.  The next fib retrace target for (b) is at 1633 or a 78% retrace of wave (a).  Assuming wave (b) does not break above 1654, then the alternate (blue) count is free to make a new below 1560 for wave (c) of minor Y of major [4]-P3-C1.  From wave (b) high of 1633, the (c)=(a) target becomes 1539, which is near the wave 4 of lesser degree at 1536.

SP-500 15-min chart (morning):

PUG SP-500 15-min chart morn 7-1-13

SP-500 60-min chart (morning):

PUG SP-500 60-min chart morn 7-1-13

SP-500 4-hr chart (morning):

PUG SP-500 4-hr chart morn 7-1-13

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