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December 11th, 2013: SP-500 EOD Update

Posted by pugsma on December 11, 2013

5:55 pm EST:   Given today’s SP-500 price action, the primary count has been adjusted to show that wave (2) of minor 3 of major [5]-P3-C1 did not end at the first move to 1779, but rather that move was only wave a-(2).  The move up to 1812 was wave b-(2) and now the move lower is wave c-(2), where c=a=1777.   The 50% fib retrace for wave (2) is at 1780 and the 62% fib retrace is at 1772.   Wave (2) and the primary count remain valid above the minor 2 low of 1746.  Once wave (2) completes near 1777, wave (3) should target 1861, where (3)=1.23*(1) and the next fib target is at 1887, 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 1812 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 1814.

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 1746.

SP-500 15-min chart (EOD):

PUG SP-500 15min chart 12-11-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart 12-11-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart 12-11-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart 12-11-13

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