Sept 23rd, 2013: Mid-day/EOD Update
Posted by pugsma on September 23, 2013
3:45 pm EST: They say a picture is worth a 1000 words. How much is this SP-500 weekly chart with indicators picture worth to you?
12:45 pm EST: Primary count is that wave (4) of minor 5 of major [5]-P3-C1 ended at the 38% retrace of 1697. The (5)=(1) target for the completion of minor 5 is at 1730, which would form a double top. There is also (5)=1.62*(1) target at 1749 and the P3=P1 target is at 1779. This primary count remains valid for wave (4) remaining above the wave (1) high of 1659. However, losing the 1687 pivot area (1680 to 1694) would likely mean the P3-C3 top is in place at 1730 per the alternate (blue) count.
The alternate (blue) count has P3-C1 topped at 1730 and Primary Wave 4 (P4) underway headed for the 38% retrace of 1480. The first major [A] wave down side target is the 1620 area. The move down to 1697 looks like the end of wave (3) of minor 1 of major [A]. There should now be a wave (4) to back-test the 1709 pivot, which is the 50% retrace. From there wave (5) of minor 1 should find support at the 1687 pivot. After minor 1 complete near the 1687 pivot, there will then be minor 2 bounce that must remain below 1730 to keep the alternate (blue) count valid.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
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