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February 27th, 2014: SP-500 EOD Update

Posted by pugsma on February 27, 2014

4:45 pm EST:  Today marked a new all-time daily closing high on the SP-500 at 1854.29, which is very close to breaking out above the 1849 pivot range (1842 to 1856).

The primary count is that wave ii-(3) of minor 3 of major [5]-P3-C1 bottomed at 1840.66 and wave iii-(3) is underway headed for an initial target area of 1880, where iii=1.62*i and the wave (3)=2.62*(1) target is at 1894.  The minor 3 target is 1934, where minor 3 = minor 1.  Finally the major [5]-P3-C1 target area is 1941 to 1965.  This primary count remains valid above today low of 1840.66.  Should the 1840.66 level and then the 1835.60 level break, the primary count would need to be modified to minor 2 as an expanded flat targeting the 1820 area.  The primary wave count should not break below the 1814 pivot area and if price move moves blow 1814, the alternate (blue) count would have to be given serious consideration as the primary wave count.

The alternate (blue) count an Ending Diagonal (ED) for minor 5 of major [5]-P3-C1.  Yesterday’s low of 1840.66 looks like the end of wave (4) of minor 5.  This means that the absolute maximum for wave (5) of minor 5 to complete the ED is at 1874.79.   Beyond 1874.79, the ED is invalid and so is the alternate (blue) count.  This means a move a 1874.79 will confirm the primary wave count headed for 1941 to 1965.  Also a drop below 1824.58, where wave (2) of minor 5 of the ED began would  likely mean that P3-C1 has topped per the alternate (blue) count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 2-27-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 2-27-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 2-27-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 2-27-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 2-27-14

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