December 20th, 2013: SP-500 Mid-day/EOD Update
Posted by pugsma on December 20, 2013
12:40 pm EST: Yet another new All-Time high on the SP-500 was made today on the move above 1813.55 confirming the primary count.
The primary (and only) wave count is that wave (1) of minor 5 of major [5]-P3-C1 is finishing up here in the 1820 to 1831 area. There should then be a 38%/50% fib retracement to the 1800 to 1807 area for wave (2). Just remember that during a strong bull run the wave 2’s are typically shallower than the normal 50%/62% retracement. After wave (2) completion, wave (3) should get underway headed for a preliminary target of 1902, where (3)=1.62*(1). Ultimately the upper end of minor 5 of major [5]-P3-C1 target is at 1934, where minor 5 =1.62* minor 1. There is more typical minor 5=1 target at 1871 that we’ll have to watch as that level as it approaches.
Have a great weekend !
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
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