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May 16th, 2014: SP-500 EOD Update

Posted by pugsma on May 16, 2014

5:45 pm EST:   Still tracking the Ending Diagonal Scenario on the SP-500.

The primary count is that wave (b) of minor 5 of major [5]-P3-C1 completed at 1862 and now the final wave (c) of minor 5 up is underway headed for target  at (c)=(a) = 1939.  There is also the long-standing target of 1941, where P3 = 1.23*P1.  The primary count would go invalid on a move below 1814.

The alternate (blue) count is that the Ending Diagonal completed at 1902 early this week and thus P3-C1 topped.  The move down from 1902 to 1962 is wave (1) of minor 1 of major [A]-P4 and this current move back up is a wave (2) of minor 1.  The wave (2) targets are the 50%/62% fib retrace cluster at 1882/1887.  Once wave (2) completes, the wave (3) target is 1817, where (3)=1.62*(1).   I’m expecting minor 1 of major [A] to test the 1814 pivot before a minor 2 wave 50%/62% fib retrace bounce.  The alternate (blue) would go invalid on a move above 1902.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart 5-16-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart 5-16-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart 5-16-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart 5-16-14

SP-500 weekly chart (EOD:

PUG SP-500 weekly chart 5-16-14


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