November 19th, 2013: SP-500 EOD Update
Posted by pugsma on November 19, 2013
4:45: pm EST: Primary count is wave iii-(1) of minor 3 of major [5]-P3-C1 ended at 1802 at the iii=1.62*i target. Wave iv-(1) may have completed today at 1785 near the 38% fib retrace target of 1786. The wave v=i target is at 1812 to complete wave (1) of minor 2. However, if this move down from 1802 beaks below the wave i-(1) high of 1773 before above 1802, then the wave (1) of minor 3 top is in place at 1802 and wave (2) of minor 3 is underway that must hold the 1746 minor 2 low to keep the primary wave count valid. In that scenario the typical minor 2 fib retrace target is at 62% or 1767.
The alternate (blue) count is that wave (3) of minor 5 of major [5]-P3-C1 ended at 1802 at the (3)=1.62*(1) target. Wave (3) of minor 5 may have completed at 1785 near the 38% retrace target of 1786. The wave (5)=(1) target is at 1812 to complete wave minor 5 of major [5]-P3-C1. However, a break below the wave (1) of minor 5 high at 1773 before a move above 1802 would confirm the end of P3-C1 at 1802 and usher in the significant P4-C1 38% fib retracement of P3-C1 down to the 1524/1560 pivot area over the next few months. But it will take a move below 1746 for invalidation of the primary wave and confirmation of this alternate (blue) wave count.
Now is the time to watch the 1773 level for a potential short-term trend change and 1746 level for a potential intermediate-term trend change.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.