Sept 5th, 2013: EOD Update
Posted by pugsma on September 5, 2013
3:55 pm EST: No change in the two wave counts today as thing went as expected.
Primary count could have ended with 5-waves up from 1633 to 1659 or there could one more push up to 1668/1678 (50%/62% retrace) for minor B of major [C]-P4-C1. In either case a 82 point drop down to just below 1600 for minor C of major [C]-P4 is likely very soon. What the wave i-(c) of minor B level at 1641 to help determine if the minor B top is in place. Remember that the P4 triangle likely has another month or two play out in waves [C], [D] and [E] between 1596 and 1678 before P5-C1 upward will begin headed for SPX 1912.
The alternate (blue) count is headed for the wave iii-(3) of minor 1 of major [3]-P5-C1 target of 1670 of then the wave (3) target at 1687. Minor 1 should complete in the 1687 to 1709 pivot area before a small minor 2 correction above 1654 support. Minor 3 of major [3]-P5 will last into the end of 2013 and reach a level above 1800 on the SPX. Ultimately P5-C1 should reach the 1912 target.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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