February 4th, 2014: SP-500 EOD Update
Posted by pugsma on February 4, 2014
4:45 pm EST: Today went as predicted with the move up from 1739 to 1759 for wave (4).
The primary count is that wave (4) of minor C of major [4]-P3-C1 is complete or nearly complete at 1759. There should now be a wave (5) of minor drop to targets at (5)=(1)=1732 or (5)=1.62*(1) at 1715. The C=A target is at 1718 and the 23% fib retrace of major [3] is at 1717. The is also pivot support from 1730 to 1709 and the rising 200-day SMA support at 1708. This primary count remains valid as long as this wave (4) does not move above the wave (1) of minor C low of 1772.26. If the 1772.26 level is breached then the major [4]-P3-C1 lows is likely in place and the major [5]-P3-C1 move to 1941, where P3=1.23*P1 is underway.
The alternate (blue) count is minor 2 of major [A]-P4-C1 completed at 1799. Now minor 3 is headed for the 1699, where minor 3=1.23*minor 1. Today’s move up to 1759 looks like wave (4) of minor 3 with a wave (5) of minor 3 down yet to come. Ultimately major [A]-P4-C1 should reach the 1687 pivot area, which corresponds a head and shoulders top (1851) with neckline at 1770 and target of 1689. The SP-500 weekly BB is at 1688 and rising 50-week SMA is at 1689, which agree with this major [A]-P3-C1 target area of the 1687 pivot.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.