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November 22nd, 2013: SP-500 EOD Update

Posted by pugsma on November 22, 2013

5:45 pm EST:  Yet another new all-time high was made on the SP-500 today at 1804.84.

The primary count is that 1777 marked end of wave (2) of minor 3 of major [5]-P3-C1 and wave (3) of minor 3 is underway.  Wave i-(3) should top out around the 1810 area and allow for a small pull-back for ii-(3), before iii-(3) grinds higher.  The wave (3) of minor 3 target is at 1867, where (3)=1.62*(1).   The minor 3 target is at 1905, where minor 3 = 1.23*minor 1.  And the major [5]-P3-C1 of target is 1941 to 1993, where P3=1.23*P1 or [5]=[1].  This primary count remains valid above the 1777 low.  However should 1777 be breached, the primary can still remain valid with wave (2) of minor 3 above 1746.  Below 1746, the alternate (blue) count takes over as the primary count.

The alternate (blue) count is that wave (4) of minor 5 of major [5]-P3-C1 ended at 1777 and that the final wave (5) of minor 5 is underway.   There is a (5)=(1) target 1804 and the minor 5 = 0.62*minor 1 target is at 1810.   Should the SP-500 move above 1810, the final target for end of the major [5]-P3-C1 is at 1849, where minor 5=1 and major [5]=0.62*[1].  It will take  a drop below the wave (1) of minor 5 high of 1773 to begin to confirm the top of major [5]-P3-C1 has been reached.  And a move below 1746, will confirm the alternate (blue) count as the primary count.

So in summary the short-term (ST) trend remains up, with key ST trend change levels to watch at 1777, 1773.  The intermediate-term trend is also up with the key a level to watch for a IT trend change at 1746.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 11-22-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 11-22-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 11-22-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 11-22-13

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 11-22-13

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