January 14th, 2014: SP-500 EOD Update
Posted by pugsma on January 14, 2014
5:15 pm EST: The primary count is that wave i-(3) of minor 5 of major [5]-P3-C1 is underway since the 1815 wave (2) low yesterday. There are 5-wave up from 1815 to 1839 with the 5th wave up equaling wave 1 at 1844, so there could be a little more movement higher to the 1844 to 1849 area to complete this wave i-(3). Once wave i-(3) completes there should be a small pull-back for wave ii-(3) of about a 50% retrace to the 1832 area before wave iii-(3) up headed for 1887, where iii=1.62*i. The wave v-(3) target is 1909, where (3)=1.23*(1) and wave minor 5 target is 1935, there minor 5=1.62*minor 1. There is also the P3=1.23*P1 target at 1941 and the major [5]=[1] target at 1971. So there is plenty of room for this wave up from 1815 to run much higher into the Mar-Apr time frame. This primary count remains valid above the 1815 wave (2) of minor 5 low.
The alternate (blue) is left barely alive with this strong move up to 1839 today. This move up from 1815 to 1839 would have to be wave ii-(3) of minor 1 of major [A]-P4-C1 and the limit of this alternate (blue) wave count for wave ii-(3) is at 1844. If wave ii-(3) can remain below 1844 and a break below 1815 is obtained, then the alternate (blue) would again gain momentum. The wave iii-(2) is at 1794 and the wave v-(3) target at 1779.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.