December 26th, 2013: SP-500 EOD Update
Posted by pugsma on December 26, 2013
5:40 pm EST: Another new all-time high on the SP-500 was made today at 1843 just has forecast.
The primary count is that wave (1) of minor 5 of major [5]-P3-C1 continues to unfold. The last move up for wave v-(1) is nearing its completion with a target at 1846, where v=0.5*i. After wave (1) completes, there should be wave (2) correction of about a 38% fib retracement to back-test the 1814 break-out area. From the wave (2) low, wave (3) should move above 1846. The final target for minor 5 of major [5]-P3-C1 is in the area of 1871, where minor 5=1 to 1934, where minor 5=1.62*minor 1. There is also a confluence area at 1941, where P3 = 1.23*P1 and a higher target at 1974, where major [5]=[1]. In order to find the end of P3-C1, we just have to watch as these final waves unfold and look for clues of a top. But remember tops are a process and can take several months to form, particular ly after a long multi-year run like P3-C1.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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