October 16th, 2013: SP-500 EOD Update
Posted by pugsma on October 16, 2013
6:00 pm EST: What would a bull want for his birthday? A 20+ point SP-500 move higher? A 200+ point DJ-30 move higher? Or both? Yes, both were a nice present for my 47th birthday on October the 16th. 2013. 🙂
The primary count is that wave i-(3) of minor 3 of major [5]-P3-C1 is completing here near the 1730 pivot. There should be a wave ii-(3) consolidation above the 1709 pivot before wave iii-(3) move toward 1765. The wave (3) target is 1776, the wave minor 3 target is 1795 and the final minor 5 of major [5]-P3-C1 target is at 1861.
The alternate (blue) counts is the major [5]-P3-C1 Ending Diagonal (ED) is very nearly complete. The wave (c) of minor 5 of major [5]-P3-C1 target is at (c)=0.62*(a) = 1736. The maximum ED target for completion of major [5]-P3-C1 is at 1749. To the up-side a move above 1749 would invalidate the alternate (blue) count and confirm the primary count. Also to the down-side watch for a move below the SP-500 50-day SMA (1679) to signal that the ED is complete, the P3-C1 top is in place and the SP-500 price is headed below 1600 for major [A]-P4-C1.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.