December 27th, 2013: SP-500 EOD Update
Posted by pugsma on December 27, 2013
2:55 pm EST: The SP-500 hit a marginal new all-time high at 1844.89 today.
The primary count is that wave (1) of minor 5 of major [5]-P3-C1 completed at 1845. However, note that there is a slight modification to the primary wave count show on the 15-min chart as an alternate (blue) count that could low wave (1) to extend higher to 1857 to 1863. Never-the-less once wave (1) completes, there should be wave (2) correction of about a 38% fib retracement (1816) to back-test the 1814 break-out area. From the wave (2) low, wave (3) should move above 1845. 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.
Have a great weekend !!!
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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