June 18th, 2014: SP-500 Mid-day Update
Posted by pugsma on June 18, 2014
12:00 pm EST: The primary count is that minor 1 of major [A]-P4-C1 completed at 1926. The move up from 1926 to 1945 thus far is a 62% retrace for wave minor 2, which is a typical wave 2 retracement. Should wave minor 2 decide to move higher, there are potential higher targets at the 78%/88% retrace of 1948/1852. As long as minor 2 remains below 1955.55 the primary count remains valid. Once minor 2 complete wave minor 3 and minor 5 of major [A] should head for the 1849 pivot.
The alternate (blue) count is that wave minute (4) of minor 3 of major [5]-P3-C1 completed at 1826. Wave minute (5) is underway head edfor a (5)=(1) target of 2003 to complete minor 3. There is also a minor 3 = 1.23*minor 1 fib extension target at 1994. Once minor 3 completes, minor 4 should retrace 23% back down to the 1956 pivot before minor 5 of major [5]-P3-C1 completes near the major [5] = [1] target 2085. The alternate (blue) as labeled remains valid above 1926 or if wave (4) of minor 3 did not complete at 1826, then above the wave (1) of minor 3 high of 1891.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
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