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August 29th, 2013: EOD Update

Posted by pugsma on August 29, 2013

6:05 pm EST:  Primary count is the P4-C1 contracting triangle continues to unfold since the late-May P3-C1 top at 1687.  This P4-C1 triangle should remain above the June 1560 low and August 1709 high until it completes its 5-wave contraction.   Alternate (blue) count is the P5-C1 has been under way since the June P4-C1 bottom at 1560.  Note: The Alternate (red) count is being shelved and will not be re-visited unless the 1560 June bottom looks like it could be breached.

Primary count is wave (2) of minor C of major [C]-P4-C1 completed today at 1646 just below the 50% retrace target of 1648.    If wave (2) decides it needs to see a higher price, then look to the 62% retract at 1653.  In any case the SP-500 price can not trade above the minor B high of 1669.51 during this wave (2) of minor C. If it does, then the alternate (blue) count becomes the primary count.    Assuming wave (2) is complete at 1646, then wave (3) should drop to 1604, where (3)=(1).  Ultimately then major [C]-P4 target at 1600, where C=A.  After major [C]-P4 complete at 1600, there will be major [D]-P4 up to about 1670/1687, and finally wave [E]-P4 wave down to 1620/1640 to complete the P4 triangle by mid-October.   From there, P5-C1 will head for a 1912 target going into 2014.

The alternate count is that wave major [2]-P5-C1 completed at 1627.  Wave minor 1 of major [3]-P5 is underway with a target near the 1687 pivot.  The start of minor 1 looks to be a (1)-(2), i-ii count, with wave iii-(3) about to get underway headed for a target at 1676, where iii=2.62*i.  Major [3]-P5 will break out above 1709 before the end of September and head for a 1812 target, where [3]=1.23*[1].  Ultimately, P5-C1 will target the 1912 area gong into 2014.

I don’t have time tonight to visit the AAPL and GLD wave counts but nothing significant has changed my opinion of those wave counts since my last blog post on August 24th.

Have a GREAT Labor Day Holiday Weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 8-29-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 8-29-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 8-29-13

SP-500 Daily chart (EOD):

PUG SP-500 Daily EOD 8-29-13

SP-500 Weekly chart (EOD):

PUG SP-500 Weekly EOD 8-29-13

SP-500 Weekly chart (EOD):

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