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May 9th, 2014: SP-500 EOD Update

Posted by pugsma on May 9, 2014

5:10 pm EST:

The primary count is that wave (b) of minor 5 of major [5]-P3-C1 has been playing out as an ascending triangle that is complete today at 1867.  Wave (c) of minor 5 is underway with a measured move, triangle target of 1932.  There is also the (c)=(a) target area of 1938.  This agrees with the long-standing P3-C1 target of 1941, where P3=1.23*P1.  Note that today’s wave action up off the 1867 low, looks like a possible i-ii of (c), meaning Monday should be an impulse wave iii-(c) up to a new ATH above 1897.

There is bearish short-term alternate (blue) count that wave (b) of minor 5 of major [5]-P3-C1 is playing out as an expanded flat with the move up to 1889 as wave b-(b).   For this alternate (blue) count wave c-(b) is underway headed down to a target at 1834, where c=1.62*a.  There is also the 62% retrace target of 1841 for wave (b) and the lower ending diagonal support (yellow line) near 1840.  The primary count ascending triangle would go invalid on drop below 1860 and thus this would mean the alternate (blue) count expanded flat is underway.  A move above 1889 would invalidate alternate (blue) count and confirm the primary count.

Note that 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.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 5-9-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-9-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 5-9-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 5-9-14

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