November 11th, 2013: SP-500 EOD Update
Posted by pugsma on November 11, 2013
6:30 pm EST: Today’s small range price action made no change in the wave counts.
The primary count is that minor 2 of major [5]-P3-C1 bottomed at 1746 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 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 1746.20 before a move above 1775.22.
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 1775.22 before a drop below 1746.20.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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