February 19th, 2014: SP-500 EOD Update
Posted by pugsma on February 19, 2014
5:00 pm EST: For the primary count minor 1 of major [5]-P3-C1 topped today at 1848 and the minor 2 correction began. The SPX corrected 20 points to 1828, reaching the minimum target for the minor 2 correction at (c)=(a)=1828 and the 23% fib retrace of 1822. Should minor 2 need to correct further the next likely target is the (c)=1.62(a)=1819 and the 38% fib trace of 1808. I’m expecting the 1815 pivot area (1807 to 1822) to complete this minor 2 correction before minor head to a new all-time highs above 1900. The ultimate target area for the completion of P3-C1 is at 1941 to 1964. The primary count remains valid as long as the minor 2 correction holds above 1738. However a break of the 1775 pivot support would an early warning sign that the alternate (blue) count is more likely.
For the alternate (blue) count minor 3 of major [5]-P3-C1 completed today at 1848 and a shallow minor 4 correction likely ended toady at 1828, where (c)=(a). I’m expecting minor 5 of major [5]-P3-C1 to make a slightly higher, high at 1855, where minor 5=1.62*minor 1, forming a double top with target of 1625 for P4-C1 that will confirmed on a break below 1738.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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