July 31st, 2013: EOD Update
Posted by pugsma on July 31, 2013
3:25 pm EST: Primary count is that wave iii-(3) of minor 5 of major [5]-P3-C1 is underway headed for a target of 1710, where iii=1.62*I. The wave (3) target is at 1724, where (3)=2.62*(1). And the final destination target for P3-C1 remains at 1736, where minor 5=1. This primary count remains valid above today’s 1686.40 low for wave ii-(3). From this P3-C1 high of 1736 in the next few days, the P4 correction would begin and last several months. The initial move down from 1736 would major [A]-P4 of large P4 triangle and likely target the 1480 to 1520 area.
The alternate (blue) count has been slight modified to show a potential ending diagonal new high above 1698.78 as the end of minor 1 of major [5]-P3-C1. The ending end count must not exceed 1700.73 to remain valid. This alternate count implies that a significant minor 2 correction is about to begin. The typical minor 2 correction would be 50% fib retracement from 1700 to 1630. From this minor 2 low the SP-500 would likely continue to advance to least 1779, where P3=P1 to 1950 into the end of 2013 to early 2014.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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