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):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.