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October 21st, 2013: SP-500 EOD Update

Posted by pugsma on October 21, 2013

6:15 pm EST:   Not change in the wave counts from Friday’s update with today’s small range price action and slightly higher higg at 1748 vs 1745 on Friday.

The primary count has wave (1) of minor 3 of major [5]-P3-C1 ended at 1748 or will end slightly higher tomorrow.   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 new high of 1747.79.  The maximum for the Ending Diagonal (ED) major [5]-P3-C1 is at 1748.86 as it was labeled coming into today.  However if 1748.86 is breached to the upside, I have added a variant Ending Diagonal labeling that has this current move up 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.  there is also a major [5]=0.62*[1] target at 1775, so there is some Fibonacci confluence in that area.   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.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-20-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-20-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-20-13

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