August 6th, 2013: EOD Update
Posted by pugsma on August 6, 2013
4:10 pm EST: We a possible top of both wave counts at 1709.36. A break below 1676.03 is required for confirmation.
For the primary count it looks like there could be one more small wave up above 1709 to complete wave (5) of minor 5 of major [5]-P3-C1 as long as wave (4) remains above 1691.85. Assuming 1693 ended wave (4), the wave (5) target is between 1709, where (5)=(1) and 1719, where (5)=1.62(1). A break below 1691.85 and then 1676.03 would indicate the top of P3-C1 is in place and P4-C1 down towards a 1485 target (38% retrace of P3) is underway.
The alternate (blue) is that wave minor 1 of major [5]-P3-C1 is complete at 1709.36. Wave (a) of minor 2 is underway headed for the 1676 area. From there a wave (b) bounce of about a 50% retrace to 1693 should occur, before (c) of minor 2 heads for 1639, where (c)=1.62(a). The 50% retrace target for minor 2 is also in the same area a 1637. From the minor 2 low the SP-500 will move toward 1779 to 1940 until the end of 2013 to early 2014 to complete P3-C1.
Note: I will take a break below 1560 to full confirm the primary count and eliminate the alternate (blue) count.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.