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April 25th, 2014: SP-500 EOD Update

Posted by pugsma on April 25, 2014

4:50 pm EST:   The primary (and only) count on the SP-500 is that wave (b) of minor 5 of major [5]-P3-C1 is complete at 1860 or nearly complete.  The 38%/50% retrace target 1858/1850, so there is a little more room lower should the SP-500 want head that direction early Monday morning.   Once wave minute (b) is complete, the SP-500 will make a new all-time high during the minute wave (c) of minor 5.  This will complete the major [5] ending diagonal that began nearly a 1 year ago in August of 2013 from the major [4]-P3-C1 low of 1627.  There is a (c)=(a) target at 1931 and the P3=1.23*P1 target is 1941.  I suspect the SP-500 will top P3-C1 somewhere round 1931 to 1941 during May.  However, the maximum extension of the ending diagonal is at 1973.  Within the ending diagonal yellow trend-lines this would target the August 2014 time frame should the SP-500 decide to grind slowly higher this summer.   A break below 1814 will confirm that P3-C1 has topped and the ending diagonal is complete.  From the P3-C1 top, the SP-500 should correct back to where the ending diagonal began at 1627 for the P4-C1 wave.  Basis 1941 the typical wave 4, 38% retrace target is at 1612 for P4.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-25-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-25-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-25-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 4-25-14

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