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November 29th, 2013: SP-500 EOD Update

Posted by pugsma on November 29, 2013

2:oo pm EST:  Yet another new all-time high of 1813 on the SP-500 was made on the last trading day of November.

The primary count is that wave i-(3) of minor 3 of major [5]-P3-C1 ended at 1813.  Wave ii-(3) is underway that should end at the 38%/50%/62% fib retrace of 1799/1794/1790.  Assuming wave ii-(3) ends at the middle target of 1794, then the iii-(3) target is 1854, where iii=1.62*i.  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 that wave (5) of minor 5 of major [5]-P3-C1 ended at 1813 slightly above the minor 5 = 0.62*minor 1 target is at 1810.   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.

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

Have a great weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 11-29-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 11-29-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 11-29-13

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