PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Oct 24th, 2013: SP-500 EOD Update

Posted by pugsma on October 24, 2013

6:15 pm EST:   Today’s price action did nothing to change the short-term wave count options.

The primary count is that wave iv-(1) of minor 3 of major [5]-P3-C1 ended as a flat at 1740.  Wave v-(1) should target at least the 1772 area where v=0.50* or 1780, where v=0.62*i.   From the wave (1) high at 1772, a wave (2) correction of 30%/50% fib retrace would reach the 1724 to 1709 pivot area.

The alternate (blue) count short-term variant of the primary count is that wave (1) of minor 3 of major [5]-P3-C1 ended at 1759.   Wave (2) is playing out as a double Zig-Zag that should target at least a 38% fib retrace at 1716, where w=1.62*y=1723.  The drop to 1740 is only the first Zig-Zag down for w-(2) and the move up to 1754 looks like a bear flag for x-(2) wave.  There should now be a 31 point drop to 1723 to complete y-(2) at the 38% fib retrace or a drop to 1703 for a 50% fib retrace.

Note that a break above 1759 before a break below 1740 will confirm the primary wave count and break below 1740 before a break above 1759 will confirm the alternate (blue) count short-term variant.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8146d255-1794-4de4-8c76-e7caaca81dd7

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 10-24-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 10-24-13

Sorry, the comment form is closed at this time.

%d bloggers like this: