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February 14th, 2014: EOD SP-500 Update

Posted by pugsma on February 14, 2014

7:20 pm EST:  Today the SPX closed green for 6 in 7 trading days since the 1738 swing bottom.  This fulfills the “SPX Rule of 7” and indicates a new high above 1851 will be made and likely a significantly higher new high.  This agrees with the primary SP-500 wave count that has major [5]-P3-C1 headed for at least 1941 and possibly even higher than 2000.

The primary count has minor 1 of major [5]-P3-C1 complete at 1842 or nearly complete with a slightly higher target at the 1849 pivot.   Once minor 1 completes, minor 2 should retrace of 23%/38% and test the 1818/1802 area next week before minor 3 heads for 1900+.  Primary count would be fully confirmed on a move above 1851.  There is an Inverse Head and Shoulders (IHS) setup now in place with head at 1738, neckline at 1851 and target of 1964.  The minor 2 was should for the right shoulder (RS) of the IHS.

Alternate (blue) count is nearly beyond life support with the minor B wave now exceeding the 88% retrace of minor A at 1838.  Minor C of major [A]-P4 needs to get underway immediately, break below the 1775 pivot and head toward a C=A target of 1725.  The alternate (blue) count is invalidate on a move above 1851.

House Keeping:  The USA markets are close for the Presidents Day Holiday on Monday, Feb 17th and there will be no new blog update until EOD Tuesday, Feb 18th.

Enjoy the long Holiday Weekend !

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

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

SP-500 4-hr chart (EOD):

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

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