July 3rd, 2013: EOD Update
Posted by pugsma on July 3, 2013
1:30 pm EST: Primary count is that minor 2 of major [5]-P3-C1 bottomed today at 1604.57 and minor 3 up got underway. Wave i-(1) or minor 3 moved up to 1619 and ii-(1) down to 1615 today. Next I’m expecting iii-(1) of minor 3 to move up to 1639, where iii=1.62*i. I believe wave (1) of minor 3 will reach the 1654 area before a wave (2) correction to 1630. For there the wave (3) or minor 3 will make a new high above 1687. Minor 3 should reach at least 1712 and as high as 1737. And ultimately major [5]-P3-C1 should reach 1775.
The new alternate (blue) count is that 1604 was only wave (a) of minor 2 of major [5]-P3-C1 and the move up to 1619 today is wave (b) of minor 2. So the next move should be a wave (c) of minor 2 down to either (c)=(a) = 1596 or (c)=1.62(a) at 1582. These two minor 2 targets agree with the 50% retrace of minor 1 is at 1594 and 62% retrace is at 1585.
Support is at the 1597 pivot and then 1576 pivot. Resistance is at 1623 and then 1654.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 daily chart (EOD):
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