May 8th, 2014: SP-500 EOD Update
Posted by pugsma on May 8, 2014
3:55 pm EST: Another interesting day for the SP-500 with move up to 1889 and then a retreat from the 1884 pivot back down to 1870. This move today helps to simply the wave count.
The primary count is that wave (b) of minor 5 of major [5]-P3-C1 is playing out as an ascending triangle that is complete at 1870 or nearly complete targeting 1865. Once wave (b) triangle complete completes, the there should be a wave (c) of minor 5 move up to a measured move, triangle target of 1932. There is also the (c)=(a) target area of 1936 to 1941 depending on if the (b) wave triangle ends at 1870 or 1865. This agrees with the long-standing P3-C1 target of 1941, where P3=1.23*P1. The major [5] wave Ending Diagonal (ED) pattern that has been on going since August 2013 has a maximum target of 1973. It will take a break below the 1814 level to confirm that the ED is complete the top of P3-C1 top is in place.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0a04a74a-37f3-4052-9b23-bff3e56d48c7
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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