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October 22nd, 2013: SP-500 EOD Update

Posted by pugsma on October 22, 2013

6:10 pm EST:  Another new all-time high for the SP-500 at 1759 today.  The move above 1749 has eliminated the alternate (blue) ending diagonal wave count and only the primary count remains.

The primary count is that wave iii-(1) of minor 3 of major [5]-P3-C1 ended today at 1759.  A wave iv-(1) correction is underway that should re-test 1746, where c=a.  From 1746, I’m expecting a final wave v-(1) push up to about 1779 to complete wave (1) early next week.  There should then be a wave (2) correction of about 50 points or 38% retrace of wave (1) down to the 1730 pivot into early November.  From the wave (2) low of 1728,  wave (3) of minor 3 of major [5]-P3-C1 should grind higher into the spring of 2014 reaching 1910 to complete P3-C1, where major [5]=[1].  There should be a P4-C1 correction back down to the 1560-1590 area in the fall of 2014 before the final cycle bull market high for P5-C1 above 2000 into the 2015.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-22-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-22-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-22-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-22-13

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