November 12th, 2013: SP-500 EOD Update
Posted by pugsma on November 12, 2013
6:25 pm EST: The primary count is that wave i-(1) of minor 3 of major [5]-P3-C1 topped at 1773 yesterday and wave ii-(1) bottomed today at 38% retrace of 1762. This would mean that wave iii-(1) is underway headed for a target of 1805, where iii=1.62*. Ultimately wave (1) should end around 1810 before wave (2) of minor 3 corrects back to test the 1775 break-out. Note that the minor 3 target is at 1904, where minor 3 = 1.62*minor 1 and major [5]-P3-C1 should reach at least 1941 to 1993, where P3=1.23*P1 to major [5]=[1]. This primary count is invalid on a break below 1646 before above 1775.
The alternate (blue) count is that minor 2 of major [5]-P3-C1 is playing out as a double ZZ with the (x) wave topped at 1773 yesterday. Wave (y) of minor 2 should now drop to the 1730, where (y) = 1.62*(w). Also, there is the 38% fib retrace for minor 2 at 1726 and the 50% fib retrace at 1710. This alternate (blue) count is invalid on break above 1775 before below 1646.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.