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December 18th, 2013: SP-500 EOD Update

Posted by pugsma on December 18, 2013

6:15 pm EST:   Today’s price action solidified the primary wave count that SP-500 is headed higher than 1814 to complete P3-C1.

The primary (and only) wave count is that P3-C1 is extending higher towards the P3=1.23*P1 target of 1941 that I have had on the charts for better part of the last 3 months since the last August low of 1627.  After spending some time reviewing the big time frame wave count since the 1627 low from late August 2013, I have decided to consolidate the two wave counts shown on the charts prior to today.  I like how the original alternate (blue) wave count “looks” and counts off the 1627 August low, however the 1814 high has been relabeled as the end of minor 3 of major [5]-P3-C1 and not the end of minor 5 of major [5]-P3-C1.  Thus this move down from 1814 to 1768 today counts best as a minor 4 correction and now the final minor 5 wave of major [5]-P3-C1 is underway as of late this afternoon.  The minor 3 top at 1814 was almost a perfect 1.62*minor 1 fib extension.  Thus, I’m expecting minor 5 to at least reach the minor 5=1 target of 1871 and maybe as high as minor 5=1.62*minor 1 at 1935, which agrees with the P3=1.23*P1 target of 1941.  The first wave (1) of minor 5 is in wave iii-(1).  Wave (1) could reach as high at 1831 before a wave (2) correction down to 1807/1800 (see 15-min and 60-min charts).  From there wave (3) of minor 5 will head towards 1902, where (3)=1.62*(1).

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-18-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-18-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 12-18-13

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 12-18-13

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