November 1st, 2013: SP-500 EOD Update
Posted by pugsma on November 1, 2013
6:20 pm EST: No change in the wave counts. Have a great weekend!
The primary count is that the minor 2 of major [5]-P3-C1 correction is underway. It looks like the drop from 1775 to 1756 is wave a-(w) of a minute (w)-(x)-(y) double Zig-Zag for minor 2. The 3-wave move from 1756 to 1768 to 1753 to 1764 looks like flat fog b-(w) and now wave c-(w) should be headed for the c=1.62*a target of 1733. There will then be an (x) wave bounce and a (y) wave drop to the final minor 2 target of 1725/1711 for a 38%/50% retrace of minor 1. Note that the minor 2 correction and primary count remains valid above the major [4] low of 1646. From the minor 2 low, minor 3 of major [5]-P3-C1 will climb above 1900 going into the spring of 2014. The target for major [5]-P3-C1 is at 1941, where P3=1.23*P1 or 1993 where major [5]=[1].
The alternate (blue) wave count is that major [5]-P3-C1 topped at 1775 just under the all important 1779 pivot, where P3=P1. A primary degree wave 4 or P4 correction is underway that will correct about 38% of P3 or a target of 1509. This first move lower is wave minor 1 of major [A]-P4-C1. The drop to 1756 is wave minute (1) of minor 1 and the 3-wave retrace to 1764 was wave (2). Wave (3) is now underway headed 1733, where (3)=1.62*(1). Ultimately minor 1 should reach the 1730 to 1709 pivot area before a minor 2 bounce. My initial target for major [A]-P4-C1 is near 1427.
Note that it will take a break below 1646 in order to confirm this alternate (blue) count and invalidate the primary count. However, the alternate (blue) count gain momentum over the primary count on a break below the 1687 pivot.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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