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May 12th, 2014: SP-500 EOD Update

Posted by pugsma on May 12, 2014

4:40 pm EST:  As predicted by the primary wave count from the Friday May 9th SP-500 blog post, the SPX matched it’s All-Time High (ATH) of 1897 today.

The primary count is that wave (b) of minor 5 of major [5]-P3-C1 has been playing out as an ascending triangle that completed on Friday, May 9th 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.  Friday wave action up off the 1867 e-(b) low, was as expected waves i-ii of (c) and today confirmed wave iii-(c) is underway with a target of 1922, where iii=4.21*i.

The major [5] wave Ending Diagonal (ED) pattern has a maximum target of 1973.  There is an IHS with target at 1974 and major [5]=[1] at 1974.  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 and the major [A]-P4-C1 wave is underway.  However at this point a break of the 1850 low where the wave (b) of minor 5 ascending triangle began would be an early confirmation.

SP-500 15-min chart (EOD):

PUG SP-500 15min chart EOD 5-12-14

SP-500 60-min chart (EOD):

PUG SP-500 60min chart EOD 5-12-14

SP-500 4-hr chart (EOD):

PUG SP-500 4hr chart EOD 5-12-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 5-12-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 5-12-14


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