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January 30th, 2014: SP-500 Mid-day/EOD Update

Posted by pugsma on January 30, 2014

1:00 pm EST:  Well today we got precisely what my indicators were forecasting near the close last night.  A BIG move up in the SP-500 price today from 1774 to 1798 as I type this update.  The wave counts remain the same as yesterday.

The primary count is that wave v-(c) of minor 4 of major 5 of major [5]-P3-C1 completed at 1770.45 as an Ending Diagonal (ED).   Minute (1) of minor 5 is underway and should rally to the 1830 to 1850 area.  After wave (1) completes, there should then be a minute (2) wave retrace to 1810/1800 to form the right shoulder of an inverse head and shoulders pattern that once the neckline at 1849 is broken during the minute (3) wave up it will target the 1937 area to complete minor 5 of major [5]-P3-C1.    This primary count remains valid as long as the minor 4 low of 1770 is not breached.  A break below 1770 will confirm the alternate (blue) count.

The alternate (blue) count is that wave (5) of minor 1 of major [A]-P4-C1 is complete at 1770.45 as an Ending Diagonal.  Now  that the minor 1 wave down is complete, the minor 2 wave is likely headed to the 50%/62% retrace target of 1811/1821, before wave minor 3 drops to the 1730 to 1709 pivot area.  Note the head and shoulders pattern on the 60-min chart with head at 1815, neckline at 1870 and target of 1689.  Ultimately major [A]-P4-C1 should target the Head and Shoulders Pattern target of the 1687 pivot area.  A break above 1851 will invalidate the this alternate (blue) count and confirm he primary count.

SP-500 15-min chart real-time link:

SP-500 15-min chart (mid-day):

PUG SP-500 15-min chart MD 1-30-14

SP-500 60-min chart (mid-day):

PUG SP-500 60-min chart MD 1-30-14

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr chart MD 1-30-14

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 1-30-14

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