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January 9th, 2014: SP-500 EOD Update

Posted by pugsma on January 9, 2014

4:50 pm EST:   Today’s price action in the SP-500 expanded yesterday’s small range but did very little help sort out the short-term wave count.  Sometimes we all waste too much time and energy on the sub-minutte and minuette level wave counts.  Right now it looks there could one more drop to either the 1826 or 1818 area to complete with either wave ii-(3) or (2) of minor 5 of major [5]-P3-C1 per the primary count.  However, the intermediate to long-term trend is still up as long as the pivot 1814 holds any move lower.  Below the 1814 pivot, the alternate (blue) count that P3-C1 has already topped at 1849 would begin to gain momentum even though the primary count is valid down to the 1678 level.  The details of both counts are shown below on the 15-min and 60-min charts.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-9-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-9-14

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