December 4th, 2013: SP-500 EOD Update
Posted by pugsma on December 4, 2013
4:55 pm EST: The primary count is that wave (2) of minor 3 of major [5]-P3-C1 ended today at the 50% fib retrace of 1779. The first wave (3) fib target is at 1862 where (3)=1.23*(1) and the next fib target is at 1888, where (3)=1.62*(1). The minor 3 of major [5] target remains at 1905 and the major [5]-P3 target at 1941. This primary count remains valid above the minor 2 low 1746.
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 likely 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, but a move above today high to 1800 would severely damage the alternate (blue) count.
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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