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October 28th, 2013: SP-500 EOD Update

Posted by pugsma on October 28, 2013

7:30 pm EST:  Another new all-time high for the SP-500 at 1765.  No change in the respective wave counts from the Friday Oct 25th update.

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, but also can end at any time now that 1759 has been breached and we have 5-waves up form 1646.  From the wave (1) high at 1780, a wave (2) correction of a 38%/50% fib retrace would reach the 1730/1709 pivot area.  Once the wave (2) low is in place wave (3) of minor 3 will head for a target in the 1878/1894 area, where (3)=1.23(1).  Ultimately, major [5]-P3-C1 should end around 1907, where [5]=[1].

For alternate (blue) count we have the major [5]-P3-C1 ending diagonal with minor 3 of major [5] topping here at 1765.  This ending diagonal scenario has the “right look” on the daily and weekly charts, as the SP-500 price advance has so far has 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 1709/1687 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.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 10-28-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 10-28-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 10-28-13

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