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August 1st, 2013: EOD Update

Posted by pugsma on August 1, 2013

4:15 pm EST:  The SP-500 made another new all-time high today at 1708.  🙂

Primary count is in wave (3) of minor 5 of major [5]-P3-C1 is underway headed for a wave (3)=2.62*(1) target at 1724.   Ultimately minor 5 should reach the minor 5=1 target at 1736 in the next few days to complete P3-C1.  From there a significant P4-C1 correction (i.e 10-12%) will begin which should see the SP-500 trade down near 1486 to 1520 in wave major [A]-P4-C1 sometime later this fall.

The alternate (blue) count is that wave (5) of minor 1 of major [5]-P3-C1 is underway that should end very soon near the minor 5=0.62*minor 1 target of 1713.  From the minor 1 high of 1713, minor 2 should retrace 50%/62% to the 1637/1618 area.    From the minor 2 low in mid-to-late August, the SP-500 should rally in waves minor 3 and minor 5 to complete P3-C1 at least 1779 (P3=P1) by later in 2013 to early 2014.  And it’s possible this rally could extend all the wave up to 1940 (P3=1.23*P1) to complete P3-C1.

Have a great weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 8-1-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 8-1-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 8-1-13

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