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May 21st, 2014: SP-500 Mid-day/EOD Update

Posted by pugsma on May 21, 2014

2:10 pm EST:   P3-C1 has topped at 1902.  P4-C1 is underway and headed for at least the 23% retrace target of 1712.

The primary count is that wave minor 1 of a major [A]-P4 is underway and likely headed for the 1814 pivot.  It looks like wave (2) of minor 1 is still underway and will end at the 62/78/88% retrace area of 1887/1893/1897, before wave (3) down gets underway.   Basis a wave (2) ending at 1887 the wave (3) of minor 1 target is at 1822, where (3)=1.62*(1).

In the unlikely event that the SP-500 breaks above 1902, then the move up from the recent low of 1862 is the final wave (c) of minor 5 of major [5]-P3-C1 that will complete the Ending Diagonal (ED) below the maximum allowed target of 1973.   There is a (c)=0.62(a) target at 1910 and a (c)=(a) target at 1939.

SP-500 15-min chart (mid-day):

PUG SP-500 15min chart MD 5-21-14

SP-500 60-min chart (mid-day):

PUG SP-500 60min chart MD 5-21-14

SP-500 4-hr chart (mid-day):

PUG SP-500 4hr chart MD 5-21-14

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 5-21-14

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