August 22nd, 2013: EOD Update
Posted by pugsma on August 22, 2013
4:20 pm EST: For the primary count it looks like the minor A of major [C]-P4-C1 ended at 1646 as originally labeled. Since the 1646 low, minor B has been playing out as an expanded flat that may have completed today near the close at the (c)=1.62*(a) target of 1660. It’s also possible that (c) could extend to (c)=2.62*(1) target of 1673, which is also the 50% retracement of minor A. Once minor B is complete, minor C will head for the 1600-1620 area to complete major [C]-P4-C1. From there the P4 triangle will have a major [D] up to 1687 and a major [E] down to 1620-1640, before P5 launches higher to the P5 target of 1912.
The alternate (blue) count shows major [2]-P5 complete at 1639. Minor 1 of major [3]-P5-C1 is now underway headed for 1709. The current move high is wave (3) of minor 1 which has a target of 1689, where (3)=1.62*(1). Ultimately, major [3]-P5 will reach the 1788 area, where [3]=[1] and P5 will reach a 1912 target.
The alternate (red) count has wave (2) of minor 3 of major [1]-PA-C2 complete at 1660, as an expanded flat. Wave (3) of minor 3 should be underway headed for (3)=1.23*(1) at 1597. Ultimately, major [1]-PA should reach the 1576 pivot. The alternate (red) count remains valid until the 1709 is breached in either the primary or alternate (blue) count scenario.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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