October 18th, 2013: SP-500 EOD Update
Posted by pugsma on October 18, 2013
5:00 pm EST: Another new all-time record high on the SP-500 at 1745 today. 🙂
The primary count has wave (1) of minor 3 of major [5]-P3-C1 ended at 1745 or maybe a small push up on Monday. I’m looking for a wave (2) correction of at least a 38% fib retrace to the 1709 pivot over the next week or two into the end of October. From there wave (3) of minor 3 should move toward the 1867 target, where (3)=1.62*(1). The minor 3 target is at 1887 and the major [5]-P3-C1 target is 1907, where major [5]=[1]. There is also a 1940 target where P3=1.23*P1.
The alternate (blue) count is just barely alive at today’s high of 1745. The maximum for the Ending Diagonal (ED) major [5]-P3-C1 is at 1749 as it was labeled coming into today. However, I have added a variant ED labeling with today’s high of 1745 as the end of minor 3 and not minor 5. There would then be a minor 4 correction down to the 1687 pivot and then one more higher high at maximum near the P3=P1 target of 1779 going into the end of 2013. This would allow the SP-500 to continue to wedge higher along the upper bull market channel line (white) as seen on the daily chart.
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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