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):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD:
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