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July 12th, 2013: Mid-day/EOD Update

Posted by pugsma on July 12, 2013

12:00 pm EST:   Steady as she goes; no change in the primary wave count.   It looks like wave minute (3) of minor 3 of major [5]-P3-C1 is finishing up near the 1675 target, where (3)=1.62*(1).   So far wave (3) has reached slightly above 1675 to 1677.   Basis 1677, the 23% retrace target for wave minute (4) is at 1663 and the 50% retrace target is at 1653.  There is key support at 1654..  From the wave (4) low, wave minute (5) of minor 3 should advance to the minor 3 = 1.62*minor 1 target of 1701.  Ultimately wave minor 5 of major [5]-P3-C1 should reach the minor 5=1 target of 1738 and possibly the minor 5 = 1.62*minor 1 target of 1775.   1775 is also the major [5]=0.62*[1] target and the P3=P1 target is 1777. So there is a good degree of Fibonacci confluence near 1775.

Enjoy the summer weekend !

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

PUG SP-500 15-min Chart MD-7-12-13

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

PUG SP-500 60-min Chart MD-7-12-13

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

PUG SP-500 4-hr Chart MD-7-12-13

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