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April 28th, 2014: EOD SP-500 Update

Posted by pugsma on April 28, 2014

5:35 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 1850.  The SP-500 should 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 1921 and the (c)=1.23(a) target is at 1937 which agrees with the P3=1.23*P1 target of 1941.  I suspect the SP-500 will top P3-C1 somewhere round 1921 to 1941 during May.  However, the maximum extension of the ending diagonal is at 1973 and there is a (c)=1.62(a) target at 1865.  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.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-28-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-28-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-28-14

 

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