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 60-min chart (EOD):
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