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October 25th, 2013: SP-500 EOD Update

Posted by pugsma on October 25, 2013

3:40 pm EST:    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) is underway and should target at least the 1780 area where v=0.62*i.   From the wave (1) high at 1780, a wave (2) correction of a 50% fib retrace would reach the 1709 pivot area.  Note that It is possible to count the move up to 1759 as a completed wave (1) and wave (2) down is already underway headed for the 1709 pivot.   This is a slight variation of the primary count and will be confirmed a break below 1740 before a break above 1759.

For alternate (blue) count in order to get some separation between counts I have decided to bring back the major [5]-P3-C1 ending diagonal with minor 3 topping here at 1759 or just slightly higher at the (c)=(a) target of 1761.  This ending diagonal scenario has the “right look” on the daily and weekly charts, as the SP-500 price advance has so far been stalled by the 4 year bull market upper boundary (white channel) on the daily and weekly charts.   So until this boundary is breached above and the 1779 pivot cleared, this ending diagonal scenario is still alive.  The ending diagonal count should have one more push down for minor 4 to the 1687 pivot and then a final push up to the 1779 pivot to complete P3-C1 at the P3=P1 target.  This ending diagonal could therefore last into the end of 2013 before breaking down into early 2014.

Have a great weekend !

SP-500 15-min chart (EOD):

SP-500 15-min chart EOD 10-25-13

SP-500 60-min chart (EOD):

SP-500 60-min chart EOD 10-25-13

SP-500 4-hr chart (EOD):

SP-500 4-hr chart EOD 10-25-13

SP-500 daily chart (EOD):

SP-500 daily chart EOD 10-25-13

SP-500 weekly chart (EOD):

SP-500 weekly chart EOD 10-25-13

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