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December 5th, 2013: SP-500 EOD Update

Posted by pugsma on December 5, 2013

4:30 pm EST:  The primary count is that wave (2) of minor 3 of major [5]-P3-C1 ended at the 50% fib retrace of 1779.   However there is still a possibility that wave (2) could target the 62% fib retrace at 1772 or even lower as long as  wave (2) remains above 1746 the primary count remains valid.  Assuming wave (2) completed at 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.

The alternate (blue) count is that 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 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):

PUG SP-500 15-min chart EOD 12-5-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-5-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 12-5-13

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