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July 14th, 2014: SP-500 EOD Update

Posted by pugsma on July 14, 2014

2:05 pm EST:   The $NYMO SPX Buy Signal confirmation mentioned on Friday, 7-11 came through and delivered a nice SPX move up from 1967 to 1980 today.

The primary count is that this move up from 1953 to 1980 is a wave (2) of minor A of major [A]-P4-C1.  The c=a target was at 1977 and the 88% retrace is at 1982.  Wave (2) must remain below 1985.59 to remain a valid primary count.  Once wave (2) completes below 1985.59, the wave (3) target is where (3)=1.62(1) = 1927 (basis a wave (2)=1980) and wave (5) of minor A should reach the 1897 pivot area.

The alternate (blue) count is that wave iii-(5) of minor 3 of major [5]-P3-C1 is underway headed for 2013, where iii=1.62*i.   Wave minor 3 should reach 2050, where minor 3=1.62*minor 1 and major [5] 2085 where [5]=[1].    A break below 1944.69 would invalidate the alternate (blue) count and confirm the primary count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 7-14-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 7-14-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 7-14-14

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