July 18th, 2013: Morning Update
Posted by pugsma on July 18, 2013
10:00 am EST: For the primary count wave (4) of minor 3 of major [5]-P3-C1 looks to be playing out as an ascending triangle with flat top at 1685 and a wave a-(4) low at 1672. The wave (4) triangle target for wave (5) of minor 3 is 1685 + (1685-1672) => 1698. This agrees with the minor 3 = 1.62 * minor 1 = 1701 completion target for minor 3. Once minor 3 completes, minor 4 should re-test the 23% retrace target area near 1678 before minor 5 heads for the M5=M1 target of 1738. This would complete major [5]-P3-C1. There is also an upside surprise target at 1775, where minor 5 = 1.62*minor 1 and major [5]=0.62*[1].
The alternate (blue) count has minor 4 of major [5]-P3-C1 completing an ascending triangle and minor 5 headed for a triangle target area near 1700. This would complete major [5]-P3-C3.
From the P3 high at either 1738-1775 (primary count) or 1700 (alternate count) a significant P4 correction should unfold over the next 9 to 12 months.
SP-500 15-min chart (morning):
SP-500 60-min chart (morning):
SP-500 4-hr chart (morning):
SP-500 Daily Chart:
SP-500 Weekly Chart:
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