October 8th, 2013: SP-500 EOD Update
Posted by pugsma on October 8, 2013
4:50 pm EST: The leading diagonal minor 1 of major [A]-P4-C1 primary count was invalidated today on the drop below 1665.75. Thus, the primary count is the alternate (red) count shown last night and as indicated would become the new primary if the 1665.75 level was breached. For the primary count wave (1) of minor 3 of major [A]-P4-C1 is complete at 1655 or will be complete at 1653 to 1646, where v=0.62*i or v=i. From the wave (1) low there should be 50%/62% retrace to the 1674/1679 area for wave (2). As long as wave (2) remains below 1692, this primary count will remain valid. For the end of wave (2), wave (3) of minor 3 should then drop towards a 1618 target, where (3)=1.62*(1). Ultimately minor 3 should reach the 1603 area and major [A]-P4 the 1600 to 1576 area. There will then be a significant major [B]-P4 bounce to 1671/1681, before major [C]-P4 reaches 1481, 38% retrace of P3 target.
The alternate (blue) count looks to be completing minor 4 of major [5]-P3-C1 here near 1655. For this alt blue count major [5] is playing out as an Ending Diagonal (ED). This alt blue count ED remains valid as log as minor 4 remains above the minor 2 low of 1627. Once the minor 4 low is established the minor 5 is limited to be less than minor 3 which was 103 points. For example, with 1655 as the minor 4 the ED max for minor 5 is 1758 to complete P3-C1.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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