January 7th, 2014: SP-500 EOD Update
Posted by pugsma on January 7, 2014
4:55 pm EST: The primary count is that wave (2) of minor 5 of major [5]-P3-C1 bottomed at 1824 yesterday and that wave i-(3) of minor 5 up is underway with a target in the 1856 to 1860 area. There is a small inverse head and shoulders formed today on the 15-min chart that measures to 1840 + (1840-1824) = 1856. Once wave i-(3) completes there should be a about 50% retrace for wave ii-(3) o back-test the 1849 to 1842 area, before wave iii-(3) heads above 1900 (see the details on 15-min chart). This primary count remains valid above the wave (2) low of 1824. However since there are only 3-wave up from 1824 to 1840 thus far, there is another version of the primary count that has the wave (2) or minor 5 still on going with the move to 1824 as wave a-(2), the move up to 1840 as wave b-(2) and now a move down to 1815, where c=a to complete wave (2) at the 1814 pivot and 38% retrace. A move above 1840 would mean 5-waves up from 1824 and would negate this variant of the primary wave count.
The alternate (blue) count is that wave (1) of minor 1 of major [A]-P4-C1 competed at 1824 yesterday and that have (2) of minor 1 ended today at 1840. The next move should be a wave (3) drop to 1775, where (3)=2.62*(1). A move below the 1824 and the 1814 pivot should help to make this alternate (blue) wave count more likely. Ultimate the target for minor 1 of major [A]-P4-C1 is at the 1768.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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