October 11th, 2013: SP-500 EOD Update
Posted by pugsma on October 11, 2013
5:55 pm EST: Quite the week. I’m ready for the 3-day weekend (i.e. I’m off work from my Engineering job on Monday for Columbus Day). A need some R&R. 🙂
The primary count is that wave (1) of minor 3 of major [5]-P3-C1 is ending here near the 1709 pivot. There should be a wave (2) correction toward the 1687 pivot with the 38%/50% fib retrace at 1685/1678. From there wave (3) should head for 1780, where (3)=1.62(1). The target for minor 3 is at 1795 and the major [5]-P3-C1 at 1861, where [5]=0.62[1]. The primary count remains valid for the wave (2) retrace above this weeks 1646 minor 2 low. However, realistically the wave (2) should not close below the 50-day SMA of 1678.
The alternate (blue) count is that the SP-500 is completing major [5] ending diagonal for P3-C1. This weeks 1646 low was minor 4 and the current move up is the final minor 5 wave to a maximum of 1646 + 103 = 1749. This alternate (blue) count remains valid as long as the SP-500 does not breach 1749. It should be noted that for the ending diagonal the minor 5 wave could fail at or before the minor 3 high of 1730. Thus move back below 1646 will before a move above 1749 will confirm this alternate (blue) count.
Have a great weekend !
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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