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August 1st, 2014: SP-500 EOD Update

Posted by pugsma on August 1, 2014

5:15 pm EST:    Primary count is that minor 4 of major [5]-P3-C1 bottomed today at 1916, which was just below the forecast target area of 1923 (38% fib retrace of minor 3).  Wave minor 5 of major [5]-P3-C1 is likely underway and headed for the major [5]=[1] target of 2085.  However, if there is any further downside price movement below 1916 next week, then the primary count remains valid as long as the minor 4 wave remains above the minor 1 high of 1897.

The minute degree count details are shown on the 15-min chart below.   Maybe a wave i-ii of minute (1) start to the minor 5 wave up occurred near the close today.  This count would lead to wave iii-(1) move up to 1950, where iii=1.62*i, early next week.

My son, daughter and I are headed out to the annual Chicago Music Festival, Lollapalooza (http://www.lollapalooza.com/) to view some of our favorite Alternative Rock Bands.

Have a great weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 8-1-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 8-1-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 8-1-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 8-1-14

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