November 13, 2013: SP-500 EOD Update
Posted by pugsma on November 13, 2013
6:15 pm EST: For the SP-500 new all-time high above 1775.22 was made today at 1782.00, invalidating the alternate (blue) wave count for a double Zig-Zag.
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 50% retrace of 1760. This would mean that wave iii-(1) is underway headed for a target of 1803, 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 and 1779 pivot. 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 below.
The modified alternate (blue) count is that minor 2 of major [5]-P3-C1 is playing out as an expanded flat with the (b) wave topped at 1782 today where (b)=1.23*(a). An expanded flat is a 3-3-5 wave structure. So far we have 3-waves down from 1775 to 1746 for wave (a) and 3-wave up from 1746 to 1782 for wave (b). Now we should expect a 5-wave decline for wave (c) of minor with at target at 1735, where (c)=1.62*(a) or 1706, where (c)=2.62*(a). 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 the upper 1779 pivot range of 1787.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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