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July 19th, 2013: Mid-day/EOD Update

Posted by pugsma on July 19, 2013

12:40 pm EST:   Looks like a dangerous situation is developing per the alternate (blue) count, as a potential ending diagonal has formed for the completion of minor 5 of major [5]-P3-C1  at the double top near 1687.  If this alternate (blue) count proves to be correct, then the double top downside target is 1560 – (1687-1560) = 1433, which is just below the 38% retrace target for P4-C1 at 1486.

Primary count remains that minor 5 of major [5]-P3-C1 is underway headed for a 1732 target, where minor 5 =1.  Note that a move to 1732  to complete P3-C1 will eliminate the double top and mean that the P4 correction may not be as deep at the alternate (blue) count scenario.

Note that a break below 1620 will confirm that the P3-C1 top is in place and the P4 correction is underway..

Have a great weekend !

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

PUG SP-500 15-min chart MD 7-19-13

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

PUG SP-500 60-min chart MD 7-19-13

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

PUG SP-500 4-hr chart MD 7-19-13

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