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January 15th, 2014: SP-500 EOD Update

Posted by pugsma on January 15, 2014

5:00 pm EST:  Yet another new all-time high was hit on the SP-500 today to at 1851, as predicted by the primary wave count.

Primary count is that wave i-(3) of minor 5 of major [5]-P3-C1 has ended at 1851 or will end at 1858 where wave v=i.   There should then be a wave ii-(3) correction of about 50% down to 1837 before wave iii-(3) should move above 1900. Ultimately P3-C1 should ended in the 1931 to 1941 target area over the next month or two.  This primary count remains valid above the recent 1815 low for wave (2).

The old alternate (blue) count was invalidated on the move above 1849 today.  There is now a new alternate (blue) count that has wave v-(5) of minor 5 of major [5]-P3-C1 ending between 1851 and 1871 in the next day to a week.  There is a wave v=i target at 1858 and a minor 5=1 target at 1871.  Once P3-C1 ends the P4-C1 correction of at least a 23% retracement of P3-C1 will occur, which will drop the SP-500 back down to the 1687 pivot area over the next 6 to 9 months.

Note that it will take a break below the 1815 low to make the alternate (blue) count more probable.  As long the SP-500 stays above 1815, the intermediate trend remains higher via the primary wave count.

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-15-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-15-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-15-14

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