October 3rd, 2013: SP-500 EOD Update
Posted by pugsma on October 3, 2013
6:05 pm EST: The $NYMO closed below is lower BB today and the VIX above its upper BB, both of which are the first steps to triggering a SP-500 buy signal. They will both need to close back inside their respective BB’s tomorrow for the 2nd step confirmation (note the VIX requires a 3rd step for full confirmation).
The primary count saw wave (5) of minor 1 of major [A]-P4-C1 extend lower than 1675 today to 1670. This wave (5) of minor 1 has been very choppy best counts as an ending diagonal that has a maximum potential of 1661. From the minor 1 low, there should be significant minor 2 bounce to the 1709 pivot. This primary count remains valid as long as this minor 2 bounce remains below the 1730 high.
The alternate (blue) count saw wave (c) of minor 4 of major [5]-P3-C1 extend lower than 1675 today to 1670. This wave (c) has a (c)=(a) target at 1666. This alternate (blue) count for a major [5]-P3 ending diagonal remains valid as long as minor 4 remains above 1627 (equivalent of DJIA 14,670). After the completion of minor 4m the maximum target for minor 5 is the minor 4 low + 103 points. Assuming minor 4 ends at 1666, the maximum is 1769 for P3-C1.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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