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February 24th, 2014: Mid-day/EOD Update

Posted by pugsma on February 24, 2014

12:45 pm EST:   Today we have seen a new all-time high on the SP-500 at 1859, confirming that my wave counts are correct in that P3-C1 did not end at 1851.

The primary count has minor 2 of major [5]-P3-C1 completed at 1824 and minor 3 up underway headed towards a target of 1934, where minor 3=1.  The move up from 1824 to 1846 looks like wave (1) and the drop from 1846 to 1836 would be wave (2).  Currently wave (3) up is underway headed for a (3)=2.62*(1) target of 1894.   Ultimately, major [5]-P3-C1 should reach the 1941 to 1964 target area.  P3=1.23*P1 at 1941, major [5]=0.62*[1] at 1953 and the Inverse Head and Shoulders (IHS) target if 1964.

The alternate (blue) count is that minor 4 of major [5]-P3-C1 completed at 1824 and minor 5 underway headed for a target of 1874, where minor 5=1.  It will take break below the minor 4 low of 1824.58 to confirm that this alternate (blue) count has topped the minor 5 of major [5]-P1-C1 wave.

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

PUG SP-500 15-min chart MD 2-24-14

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

PUG SP-500 60-min chart MD 2-24-14

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

PUG SP-500 4-hr chart MD 2-24-14

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 2-24-14

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