November 15th, 2013: SP-500 EOD Update
Posted by pugsma on November 15, 2013
3:00 pm EST: Yet another new SP-500 all-time high made today at 1798, just shy of the 1800 level.
The primary count is wave iii-(1) of minor 3 of major [5]-P3-C1 is headed for the iii=1.62*i = 1803 target. The target for the completion of the this (1) is at 1810. There should then be a wave (2) correction by about 50% to back-test the 1779 pivot area. However wave 2’s have been shallow during this major [5] wave since the Oct 9th major [4] low of 1646. Thus, this wave (2) of minor 3 might only retrace 38% to about 1786. After wave (2) is complete wave (3) of minor 3 should be headed to the 1882 target, where (3)=1.62*(a). Ultimate wave minor 3 should trade above 1900 and minor 5 of major [5]-P3-C1 should reach a target in the 1941 to 1993 area. Note that a break below the 1746 minor 2 low during wave (2) of minor 3 would invalidate the primary wave count and mean that the alternate (blue) count has a higher probability.
The alternate (blue) count has the recent low of 1746 as the end of minor 4 of major [5]-P3-C1 (which was a typical wave 4, 23% fib retrace of minor 3) and the final minor 5 wave up currently underway. The target for the completion of minor 5 of major [5]-P3-C1 is in the range from 1810, where minor 5 = 0.62*minor 1 to 1849 where minor 5=minor 1. There is also a major [5]=0.62*[1] target at 1842. It will take a break below the minor 1 high at 1730 to confirm that the minor 5 of major [5]-P3-C1 high has been reached per the alternate (blue) wave count.
Have a great weekend !!!
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
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