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July 2nd, 2013: EOD Update

Posted by pugsma on July 2, 2013

6:00 pm EST:   We have 3 waves off the 1627 high to the 1607 low today, so this could be it for minor 2 and minor 3 up is about to begin.  However I think it’s too small of retrace for a typical minor 2 wave.  Thus the Primary count is that minor 2 of major [5]-P3-C1 is playing out as a potential double Zig-Zag.  The move from 1627 to 1607 yesterday and today looks like the first ZZ or minute (w).  Now there will be an (x) wave back up  to hold below today’s 1624 high and then a second ZZ down for minute (y) to complete minor 2.  The minor 2 retrace targets remain at 1602 (38%), 1594 (50%) and 1584 (62%).  I favor the 62% retrace at 1584, as it will allow the oscillators (eg $NYMO) to reset more before the minor 3 launch to a new all-time high above 1687.

The alternate (blue) count is that there is a wave i-ii set-up for minute (c) of minor Y of major [4]-P3-C1.  This would mean that wave iii-(c) down is already underway from 1627 and there should be a continued drop in the SP-500 to a fresh low below 1560.  The wave (c)=(a) target is at 1533 and the 38% retrace of major [3] is at 1527. There is also the long-term bull channel support and the 200-day SMA support in this same 1520-1530 area.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 7-2-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 7-2-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 7-2-13

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