Sept 11th, 2013: EOD Update
Posted by pugsma on September 11, 2013
5:55 pm EST: Everything went precisely as expected today with the SPX as it rose to the 1687 to 1691 target area for both wave counts.
The primary count has wave (3) of minor 1 of major [3]-P5-C1 ending here at 1689. I’m expecting a shallow 23% retrace for wave (4) down to 1674, before wave (4) of minor 1 reaches the 1697 to 1709 area next week. From this minor 1 high, a larger minor 2 correction should test the 1654 support before minor 3 of major [3] blasts off towards the upper 1700’s. This primary count will remain valid as long as the minor 2 wave holds above the major [2] low of 1627.
The alternate (blue) count for the P4-C1 triangle is on life support now. The upper limit of this count is 1709, but realistically the SP-500 must turn-down immediately from this 1689 to 16921area and make a fresh low below 1627. The 78% retrace for this minor B of major [C]-P4-C1 wave is at 1692. The minor C of major [C] wave target would be at 1609 where C=A.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.