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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):

PUG SP-500 15-min chart Morn 7-18-13

SP-500 60-min chart (morning):

PUG SP-500 60-min chart Morn 7-18-13

SP-500 4-hr chart (morning):

PUG SP-500 4-hr chart Morn 7-18-13

SP-500 Daily Chart:

PUG SP-500 Dailly chart 7-18-13

SP-500 Weekly Chart:

PUG SP-500 Weekly chart 7-18-13

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