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Sept. 3rd, 2013: Mid-day/EOD Update

Posted by pugsma on September 3, 2013

12:25 pm EST:  Primary count is that wave (2) of minor C of major [C]-P4-C1 completed today at 1651, which is right at the 62% retrace target.  Wave (3) should now be underway that will make a new low below 1627.  The first target is at 1609, where (3)=(1).  Ultimately wave minor C should reach 1600, where C=A.  This primary count would go invalid on a move above the minor B high of 1669.

The alternate (blue) count is that wave (2) of minor 1 of major [3]-P5 completed at 1628 on Friday as an expanded flat.  Wave i-(3) of minor 1 ended today at 1651 and now wave ii-(3) is underway that should end in the 50%/62% retrace zone of 1640/1636.  From there wave iii-(3) should target 1677, where iii=1.62*i.    Ultimately wave minor 1 will reach the 1687 to 1709 resistance zone before a minor 2 of major [3]-P5-C1 occurs.    This alternate (blue) count would go invalid on a move below 1627.

SP-500 15-min chart (mid-day):

PUG SP-500 15-min chart MD 9-3-13

SP-500 60-min chart (mid-day):

PUG SP-500 60-min chart MD 9-3-13

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr chart MD 9-3-13

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