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April 10th, 2014: SP-500 EOD Update

Posted by pugsma on April 10, 2014

5:150pm EST:   There is again a potential $NYMO positive divergence wrt today’s lower closing SP-500 price that would be confirmed on green $NYMO close tomorrow.  This potential $NYMO +div goes back to mid-March and should lead to near month-long SP-500 rally should it be confirmed.

For the primary count the minor 2 of major [5]-P3-C1 wave has reached the 38% retrace target of 1829 toady.  There is also a (c)=1.62*(a) target at 1826, so minor 2 may have found its low or will move slightly lower tomorrow.  Should SP-500 price continue to drop there is also the 50% retrace target at 1811, which is near the 1814 pivot support.  Once minor 2 completes, minor 3 should make a new high above 1987 with targets in the 1957 to 1972 range, where minor 3=1.  The major [5]=[1] target is 2085 to complete P3-C1.  The primary count remains valid with a minor 2 wave above the 1738 major [4]-P3-C1 low.

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 completed at the  62% retrace of 1872.  The minor 3 wave is underway with a 1774 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):

PUG SP-500 15-min chart EOD 4-10-14

SP-500 60-mim chart (EOD):

PUG SP-500 60-min chart EOD 4-10-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-10-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 4-10-14

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