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October 17th, 2013: SP-500 EOD Update

Posted by pugsma on October 17, 2013

6:30 pm EST:  I had a major [5]=0.62*[1] Fibonacci projection error at 1681.  It should have been 1775 and 1775 does not have the right look for the end of P3-C1 unless the major [5]-P3-C1 ending diagonal is only in wave minor 3 (not minor 5).  But that is another alternate (blue) version of the wave count that can be considered IF 1749 is taken out.  It does have some confluence with the P3=P1 target of 1779, so we’ll need to key and eye on it.   But I digress, we cross that bring IF 1749 is breached.

The primary wave count has been adjusted to show major [5]-P3-C1 ending where [5]=[1] at 1907 sometime next spring.   This makes the primary wave count very bullish and pushes the P5-C1 projection above SPX 2000 (see the weekly chart).  For the short-term outlook, I have wave (1) of minor 3 of major [5] ending here in the 1736 to 1749 area.  Then there will be a wave (2) correction to at least back-test the 1709 pivot area before wave (3) of minor 3 heads above 1800 by year-end.

The alternate (blue) count ending diagonal for major [5]-P3-C1 is un-changed with a maximum of 1749.  There is a (c)=0.62*(a) target at 1736 for completion of minor 5 of major [5].

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 10-17-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 10-17-13

SP-500 4-hr chart (EOD):

SP-500 4-hr chart EOD 10-17-13

SP-500 daily chart (EOD):

SP-500 daily chart EOD 10-17-13

SP-500 weekly chart (EOD):

SP-500 weekly chart EOD 10-17-13

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