December 10th, 2013: SP-500 EOD Update
Posted by pugsma on December 10, 2013
5:00 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. Wave i-(3) ended at 1796 and wave ii-(3) at 1783. Wave iii-(3) is underway with a target of 1855, where iii=4.21*i. Wave iii-(3) should sub-divide into 5 small sub-minuette waves with wave 1-iii-(3) ending at the 1811 area, wave 2-iii-(3) ending at either the 38% fib retrace of 1800 or the 50% fib retrace of 1796 and wave 3-iii-(3) targeting 1845, where 3=1.62*1. The 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 (1) of minor 1 completed at 1779, wave (2) ended at 1811 and now wave (3) is headed for a target area of 1757, where (3)=1.62*(1). This alternate (blue) count remains valid as long as wav (2) of minor 1 remains below 1813.
A move above 1813 will confirm the primary count and kill the alternate (blue) count as labeled. If a move lower occurs before a move above 1813, then the critical level to watch for an intermediate term (IT) trend change is at 1779.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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