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January 2nd, 2014: SP-500 EOD Update

Posted by pugsma on January 2, 2014

6:45 pm EST:   The primary count is that 1849, ended wave (1) of minor 5 of major [5]-P3-C1.  Wave (2) is underway with a target of 1818 for a 38% fib retrace or 1808 fib retrace.  There is a c=a target of 1624 and c=1.62*a target of 1815.   This wave (2) correction should back-test the 1814 pivot breakout.  Once wave (2) complete, wave (3) will head above 1900, where (3)=1.23*(1) at 1917.  And major [5]-P3-C1 should reach the 1941 to 1974 area over next few months.  This primary count remains valid with wave (2) of minor 5 above the minor 4 low of 1768.

The alternate (blue) count is that major [5]-P3-C1 topped at 1849, just above the major [5]=0.62*[1]=1842 target.   Primary wave 4 (P4) is now underway that should test the 1576 to 1553 pivot area for a 38% retracement of P3.  This first move lower is wave (1) of minor 1 of major [A]-P4.  The target area for wave (1) is the 1814 pivot.  After wave (1) of minor 1 completes, I’m looking for wave (2) of minor 1 bounce that remains below 1849, before wave (3) of minor drops to 1779 area, where (3)=1.62*(1).  I’m looking for minor 1 to reach the 1768 before wave minor 2 bounce to 1814 and from the right shoulder of a topping Heading and Shoulders (H&S) pattern with head at 1849, neckline at 1768 and target 1687 to complete major [A]-P4 (see the 60-min chart for details).   This alternate (blue) count remains valid below the 1849 high.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-2-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-2-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-2-14

SP-500 daily chart (EOD):

PUG SP-500 Daily chart EOD 1-2-14

SP-500 weekly chart (EOD):

PUG SP-500 Weekly chart EOD 1-2-14

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