Sept 4th, 2013: EOD Update
Posted by pugsma on September 4, 2013
5:35 pm EST: The primary count is that minor A of major [C]-P4-C1 end at 1627 and this current move up is a minor B. A typical minor B retrace is 50% (1668) to 62% (1678). Once minor B completes at 1668 to 1678, there should be a minor C wave down to 1586-1596 to complete major [C]-P4-C1 of the P4 triangle. The P4 triangle will still need to complete major [D] up to 1670 and major [E] down to 1620 before P5-C1 can kick-off heading for 1912. Thus I’m expecting the P4 triangle to last into mid-to-late October vs the more bullish alternate (blue) count that should be breaking out to new highs above 1709 in mid-to-late September.
The alternate (blue) count that the major [2]-P5-C1 lows is in place at 1627. This current move higher wave iii-(3) of minor 1 of major [3]-P5-C1 is headed for at least 1670 where iii=1.62*i. The wave (3) target is 1687, where (3)=1.62*(1) and minor 1 should reach the 1687 to 1709 pivot area. There will be then be a slight minor 2 correction to hold above 1645 support before minor 3 of major [3] heads towards 1800+. Ultimately P5-C1 will reach 1912.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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