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):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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