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December 3rd, 2013: SP-500 EOD Update

Posted by pugsma on December 3, 2013

4:55 pm EST:  The primary count has been modified slightly to show 1813 as the end of a 5-wave advance from 1746 for wave (1) of minor 3 of major [5]-P3-C1.  The correction from 1813 is a wave (2) that must remain above 1746 to remain valid.  Today the SP-500 hit 1788 and bounced.  1788 is the 38% retracement of wave (1) and could be the end of the wave (2).  Should (2) extend lower, the next fib retrace target is 1780 for 50% or 1772 for 62%, both of which are in the 1775 pivot support range.   Assuming wave (2) ended today at 1788, the first wave (3) fib target is at 1870 where (3)=1.23*(1).  The minor 3 of major [5] target remains at 1905 and the major [5]-P3 target at 1941.

The alternate (blue) count remains the same.  Wave P3-C1 topped at 1813 and a significant P4-C1 correction down towards the 1576 pivot is underway that will last several months.  The first wave down is minor 1 of major [A]-P4 and is like headed for 1746 or below.  Wave (3) of minor 1 is underway with a target area of 1764, where (3)=4.21*(1).  This alternate (blue) count remains valid below 1813.

The critical level to watch for an intermediate term (IT) trend change remains at 1746.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-3-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-3-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 12-3-13

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