October 1, 2013: SP-500 EOD Update
Posted by pugsma on October 1, 2013
6:15 pm EST: The primary count is that minor 1 of major [A]-P4-C1 bottomed at 1675 yesterday and that minor 2 is headed for the 1709 pivot, which is also the 62% retrace of minor 1. Today’s high of 1696 looks like a completed 3-wave move for (w) of minor 2 and the drop to 1689 was a wave (x) of a double zig-zag headed for (y)=(w) at 1710. This primary count remains valid as long as minor 2 does not move above 1730. Above 1730 we have confirmed the alternate (blue) count below.
The alternate (blue) count is that minor 4 of major [5]-P3-C1 bottomed at 1675 yesterday that minor 5 is underway headed for a new high above 1730. This alternate (blue) count has major [5] has an Ending diagonal (ED) and thus the ED requirement is that minor 5 < minor 3 < minor 1. Minor 3 was 103 points, meaning the maximum for minor 5 is 1675 +103 = 1778. There is also P3=P1 at 1779, so we have some confluence of levels there. The first move up for minor 5 should be a wave (a) 5-wave impulse that will reach 1730 to 1740. Assuming wave ii-(a) complete at 1678 yesterday the wave iii-(a) target is at 1729, where iii=4.22*i.
SP-5000 15-min chart (EOD):
SP-5000 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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