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May 23rd, 2014: SP-500 Mid-day/EOD Update

Posted by pugsma on May 23, 2014

May 24th, 10:35 am EST:

Would not surprise be to see this wave minute (c) of minor 5 of major [5]-P3-C1 play out as a choppy, slow time frame (4 to 6 weeks) ending diagonal within the larger major [5] ending diagonal.

The minute (b) wave low is 1862. Wave minute (a) was a strong 5-wave impulse from 1814 to 1891 (77 points). Wave (b) was a flat. These are the possible fib targets for minute (c) to complete.

(c) = 0.62*(a) = 1910
(c) = (a) =1939 (P3 = 1.23*P1 fib target)
(c) = 1.23*(a) = 1957
(c) = 1.62*(a) = 1987 (possible over throw of major [5] ED with a max 1973).

The lowest fib target of 1910 is right where the SPX weekly Bollinger Band sits. Could be the end of all of (c) or just wave i-(c) if (c) plays out as and ED.  If it’s an ED each minuette wave i-ii-iii-iv-v will be 3-waves.  So if we see 3 wave up to from 1862 to 1910 and a deep retrace we might have the ED wave (c) scenario.

11:30 am EST:   One last hurrah?

Have a fun, but safe Memorial Day Holiday weekend !

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

PUG SP-500 15-min chart MD 5-23-14

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

PUG SP-500 60-min chart MD 5-23-14

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

PUG SP-500 4-hr chart MD 5-23-14

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 5-23-14

SP-500 weekly chart (mid-day):

PUG SP-500 weekly chart MD 5-23-14


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