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August 12th, 2014: SP-500 EOD Update

Posted by pugsma on August 12, 2014

5:05 pm EST:  No change in the wave counts after today price action.  The SP-500 continues to be trapped below the falling 13-day EMA (1940) and the falling 34-day EMA (1948).  The flattening 50-day SMA is at 1955 and there is strong resistance at 1956 pivot range (1949 to 1963).

The primary count is that wave iii-(1) of minor 5 of major [5]-P3-C1 ended at 1945 and this pull-back to 1928 is a wave iv-(1).   Wave v-(1) should head up towards at least the 1956 pivot or possibly the 1968 pivot.   Ultimately, the primary count should see minor 5 reach above 1991 and the first target would be were minor 5=1 at 2051.  There is also a major [5]=[1] target at 2085.

The alternate (blue) count is that minor B ended at 1945 as a 7-wave double zig-zag (w)-(x)-(y) or just completed wave (a) of minor B to be followed by a 50% fib retrace to 1928 for wave (b), before advancing to the 1956 to 1968 pivot area to complete wave (c) of minor B.   There is wave (c)=(a) target at 1969.  Once minor B ends, minor C will drop at least 86 points to where C=A at 1859 or could drop up to 139 points to where C=1.62*A at 1807 to complete major [A]-P4-C1 if P4 is triangle or all of P4 if P4 is zig-zag.  The alternate (blue) count remains valid below the 1991 high.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 8-12-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 8-12-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 8-12-14

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