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February 10th, 2014: SP-500 EOD Update

Posted by pugsma on February 10, 2014

4:00 pm EST:  No change in the wave counts from Friday, Feb 7th.  A move the 1815 pivot should indicate the primary count is playing out or a drop below the 1775 pivot should indicate the alternate (blue) count.  Full confirmation of either count is above 1851 (primary) or below 1738 (alternate blue).

The primary count is that major [4]-P3-C1 bottomed at 1738.  Minor 1 of major [5]-P3-C1 up is underway with a target in the 1794 to 1808 area.  Once minor 1 completes there should be a minor 2 retrace to about the 1775 pivot area before minor 3 heads to new all-time highs above 1851.  The ultimate P3-C1 target area is 1941, here P3=1.23*P1.

The alternate (blue) count is that minor A of major [W]-P4-C1 completed at 1738 and this move high is a minor B wave targets at the 50%/62% retrace of 1794/1808.  Note that there is a (c)=(a) target of 1800 that was hit today.  Once minor B completes minor C of major [W]-P4-C1 should head below 1738 with a target in the 1687 pivot area.   That could be it for P4-C1 at the 23% retrace (1673) of P3 or more likely P4-C1 will put in a second Zig-Zag and head for the 38% retrace (1556) of P3 at the lower daily and weekly chart white channel line.  Note that the alternate (blue) count would lose a lot of probability on a move above the 62% retrace for minor B at 1808.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 2-10-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 2-10-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 2-10-14

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