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Sept. 18th, 2013: EOD Update

Posted by pugsma on September 18, 2013

5:10 pm EST:   Another new all-time high on the SP-500 was hit today at 1729, which was a little above my first target area of 1724-1727 for the end of P3-C1.  Due to the strength of the move today, it’s likely that the SP-500 will now move up toward the higher target of P3=P1=1779.  The move since the 1627 low is going parabolic which is what one would expect near the end of P3-C1.

The primary count is that wave iii-(3) of minor 5 of major [5]-P3-C1 completed today at 1729 and then there was a small drop to 1723 for iv-(3).   I’m looking for v-(3) to reach the v=i target of 1734 tomorrow.   There should then be a wave (4) drop of about a 23% retrace to 1712 which will test the 1709 break-out today. From this wave (4) low, we get two targets for the completion of wave (5) of minor 5:  first there is a (5)=(1) target at 1744 and second there is a (5)=1.62*(1) target at 1763.

The alternate (blue) count variant of the primary count is that wave iv-(5) of minor 5 of major [5]-P3-C1 ended today at 1729 and then there was a small drop 1723 to iv-(5).  I’m looking for v-(5) to reach the v=I target of 1734 tomorrow to complete minor 5 of major [5]-P3-C1.

It will now take close back below the 1709 pivot range of 1702-1716, to begin to confirm the top of P3-C1 is in place and close below 1627 for full confirmation that P4-C1 is underway headed for 38% retrace of P3 in the target area of 1484 to 1512 area.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 9-18-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 9-18-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 9-18-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 9-18-13

SP-500 week chart (EOD):

PUG SP-500 weekly chart EOD 9-18-13

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