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August 18th, 2014: SP-500 Mid-day/EOD Update

Posted by pugsma on August 18, 2014

12:30 pm EST:  For the primary count after today’s gap and go above the 1956 pivot, I like a (1)-(2), i-ii start to wave (3) of minor 5 of major [5]-P3-C1. Wave (1) ended at 1945, wave (2) at 1928, wave i-(3) at 1964 and wave ii-(3) at 1941.  Wave iii-(3) is now underway that must stay above 1941 to remain valid.  A move below 1941 would likely mean the alternate (blue) count for minor C down is underway.

For the alternate (blue) count wave minor B is playing out as a double zig-zag, (w)-(x)-(y), where (y)=(w) = 1969 and the 78% fib retrace of 1972. Typically a leading diagonal (minor A of alt blue) will retrace precisely 78% of the move.   So the alternate (blue) count still has legs, assuming 1972 ends this move up for minor B.    The alternate (blue) count is now looking for a minor C of major [A]-P4-C1 drop to 1833, where C=1.62*A.  With a move above 1972 the alternate (blue) count is very weak and with a above 1991 it’s completely dead.

SP-500 15-min chart (mid-day):

PUG SP-500 15-min MD 8-18-14

SP-500 60-min chart (mid-day):

PUG SP-500 60-min MD 8-18-14

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr MD 8-18-14

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