April 9th, 2014: SP-500 EOD Update
Posted by pugsma on April 9, 2014
4:50 pm EST: The SP-500 made a nice +20 move up today, as predicted by both wave counts EOD April 8th.
Primary count that wave minor 3 of major [5]-P3-C1 is underway and headed for new highs above 1897. The first minute wave (1) of minor 3 should reach the 1884 pivot. Within this minute (1), I have wave i-(1) at 1855, wave ii-(1) at 1848 and now wave iii-(1) headed for 1877, where iii=1.62*i. Once wave (1) of minor 3 completes, I’m looking for wave (2) pull-back to 1861 before wave (3) or minor 3 heads for a first target area of 1937, where (3)=1.62*(1). The initial P3-C1 target is still 1941/1953, where major [5]=0.62*[1] but now there is also a higher target at 2085, where major [5]=[1]. The primary wave count for minor 2 remains valid above the major [4] low of 1738. Note that primary count remains valid above the minor 2 low of 1837.
The alternate (blue) count is that P3-C1 topped at 1897 and that the P4-C1 correction is underway. The first leg down minor 1 of major [A]-P4 completed at 1837 and the minor 2 bounce is underway that looks to targeting the 62% retrace of 1874. There is also a (c)=1.62*(a) target at 1877. Once minor 2 completes, wave minor 3 should break below 1837 on the wave to a 1777 target, where minor 3=1.62*minor. Major [5] should reach the 1775 pivot to the 1755 area. There is a potential head and shoulders pattern in play with head at 1897, neckline at 1837 and a target of 1777. Ultimately I’m looking for P4-C1 to move lower, white channel line on the weekly chart later in 2014 and reach the 23%/38% retrace target of 1707 /1584. The alternate (blue) count remains valid below the 1897 level.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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