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April 16th & 17th, 2014: SP-500 EOD Update

Posted by pugsma on April 16, 2014

10:15 pm EST:  The SP-500 followed the VIX Sell, SPX Buy signal confirmation yesterday and moved much higher today coming close to hitting my 1868 forecast target for today.

The primary count is that wave iii-(1) of minor 3 of major [5]-P3-C1 likely topped at 1862 and wave iv-(1) will retrace 23% to 1851 tomorrow, before wave v-(1) will carry the SP-500 toward the old 1897 high next week.   The minor 3 target is much higher at 2047, where minor 3 = 1.62*minor 1 and ultimately major [5]-P3-C1 should reach the [5]=[1] target of 2085.  The primary count remains valid above 1814.

The alternate (blue) count for wave (2) of minor 3 of major [A]-P4-C1 is being stretched to the 1872 limit.  The wave (2) 78% retrace target was at 1859 and the 88% retrace is at 1865.   A wave (2) move above 1872 will invalidate the alternate (blue) count as currently labeled and a move above the 1897 high will completely invalidate the alt(blue).   Assuming wave (2) ended today at 1862, then the wave (3) target is 1791, where (3)=1.23*(1).  The minor 3 target is 1775 and the major [A] target is 1755.

As always, you can use the 15-min chart for wave count sub-minete and minute degree details.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-16-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-16-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-16-14

 

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