August 27th, 2013: Mid-day/EOD Update
Posted by pugsma on August 27, 2013
12:25 pm EST: Primary count is that wave (1) of minor C of major [C]-P4-C1 is complete at 1638 or will test 1634. The wave (3) bounce should test the 1652 to 1657 gap and fail. Wave (3) should head for the 1609 area, where (3)=1.23*(1). Ultimately major [C]-P4 should end near 1600, where C=A. Next there will be a major [D] wave up to the 1654-1670 area before the P4 triangle completes a major [E] wave near 1620-1630. For there P5-C1 will then head for a target above 1900.
The alternate (blue) count is that major [2]-P5-C1 is targeting either the 50% retrace of major [1] at 1634 or the 62% retrace at 1617. From this major [3] low, major [3] will head for a 1766 to 1783 target where [3]=[1]. The ultimate target for end of P5-C1 is at 1912, where P5=0.5*P1.
The alternate (red) count is that minor 3 of major [1]-PA-C2 is underway headed for 1588, where minor 3 = 1.62*1. The ultimate target for the completion of major [1] is the 1576 to 1553 pivot area. This very bearish Cycle 2 (C2) count is headed for the 1000 to 1200 area over the next year. This alternate (red) count would become invalid on a move above 1709, confirming the primary or alternate (blue) count. Right now this alternate (red) is still a low probability wave count compared to either the primary or alternate (blue) count.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
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