July 30th, 2013: EOD Update
Posted by pugsma on July 30, 2013
3:15 pm EST: Primary count now looks like triangle for minor 4 of major [5]-P3-C1 that has consolidated around the 1687 pivot. The target for the completion of minor 5 remains at 1736, where minor 5=1. Should the move up out of the triangle not be very strong, there is also a lower fib target at 1713, where minor 5 = 0.62*minor 1. This lower target agrees with the triangle target of 1687 + (1699-1676) = 1710. Note this minor 4 triangle count remains valid above 1676.
The alternate (blue) remains as a double Zig-Zag for minor 2 of major [5]-P3-C1 with (x) wave completing today at 1693. The next move should be toward the 38% retrace fib of 1648 or the 50% fib retrace 1630. There is also a potential head and shoulder top with neckline at 1672, the projects to 1645. Note this minor 2 double ZZ count remains valid below 1699.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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