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November 8th, 2013: SP-500 Mid-day/EOD Update

Posted by pugsma on November 8, 2013

12:05 pm EST:  The primary count is that minor 2 of major [5]-P3-C1 bottomed at 1746 yesterday and that minor 3 up is underway with a target of 1904, where minor 3 = 1.62*minor.  The first minute (1) wave of minor 3 should break above the minor 1 high of 1775 and reach the 1790/1800 area (see 15-min chart for details).  Ultimately the major [5]-P3-C1 target is at 1941, where P3=1.23*P1 or 1993, where major [5]=[1] (see 4-hr and daily charts).  This primary count is invalid on a drop below 1746 before a move above 1775.

The alternate (blue) count is that minor 2 of major [5]-P3-C1 is still unfolding and will make a low between the 1730 and 1709 pivots in the next week or two.  For this alternate (blue) count the 3-wave drop from 1775 to 1746 was only the first Zig-Zag of a double Zig-Zag headed to the 38%/50% retrace targets of 1726/1710 (see 15-min chart for details).  This alternate (blue) count is invalid on a move above 1775 before a drop below 1746.

Have a great weekend !

SP-500 15-min chart (mid-day):

PUG SP-500 15-min chart MD 11-8-13

SP-500 60-min chart (mid-day):

PUG SP-500 60-min chart MD 11-8-13

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr chart MD 11-8-13

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 11-8-13

SP-500 weekly chart (mid-day):

PUG SP-500 weekly chart MD 11-8-13

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