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July 8th, 2013: Mid-day/EOD Update

Posted by pugsma on July 8, 2013

12:25 pm EST:  The primary count is that wave (1) of minor 3 of major [5]-P3-C1 is near completion at 1654.  It looks like the move up to 1645 is wave iii-(1) and now wave iv-(1) should hold above the wave i-(1) high of 1627.01.   Once wave iv-(1) completes, there should be one more push up for wave v-(1) above 1645 to the 1650-1654 resistance area.  Once minute wave (1) completes, there will be a wave (2) pull-back above 50% to the 1630 area that should hold above 1623 support and from there wave (3) of minor 3 should make a new high above 1687.  Ultimately major [5]-P3-C1 should reach 1745 to 1775.

The alternate (blue) count is that minor 1 of major [5]-P3-C1 is completing here near 1654 resistance.  The next move will be a minor 2 correction of a 50% to 62% retrace of minor 1.  Minor 2 targets basis 1645 are 1603 (50%) and 1592 (62%).  Should minor 1 reach 1654, those minor 2 targets will also rise by about 10 points.  This alternate (blue) count is only a slight variant of the primary count by one wave degree and ultimately major [5]-P3-C1 will make a new high above 1687.

Support is at 1623 and resistance at 1654.

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

PUG SP-500 15-min chart MD 7-8-13

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

PUG SP-500 60-min chart MD 7-8-13

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

PUG SP-500 4-hr chart MD 7-8-13

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