August 8th, 2013: EOD Update
Posted by pugsma on August 8, 2013
5:00 pm EST: Primary count is in wave (2) of minor A of major [A]-P4-C1 is underway with waves a-b-c as a simple Zig-Zag. The c=a target for wave (2) is at 1703, which is also the 78% retrace target. For this primary count to remain valid, wave (2) can’t exceed the 1709.36 high. Once wave (2) is complete wave (3) will break below the 1676 support, headed for at least the (3) =1.62*(1) target of 1665 and move likely the wave (3)=2.62*(1) target of 1641. I’m looking for wave minor A of major [A] of the larger P4 triangle to reach the 1620 area before and significant minor B bounce. Ultimately, I’m looking for major [A]-P4 to reach the 1468 to 1500 area.
The alternate (blue) count is that wave (b) of minor 2 of major [5]-P3-C1 is underway headed for the c=a target of 1703. Note: that if minor 2 would to play out as an flat or expanded flat, then the (b) wave count reach 1709 to 1715 before the (c) wave move down begins. Once wave (b) is complete, then wave (c) should drop towards the (c)=1.62 (a) at 1665 or the (c)=2.62*(a) at 1641. From there wave minor 3 of major [5]-P3-C1 should make a new high above 1709 heading into the end of 2013. The P3=P1 target is at 1779.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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