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June 6th, 2014: SP-500 EOD Update

Posted by pugsma on June 6, 2014

4:50 pm EST:   Yet another new SP-500 ATH of 1949.   A VIX Buy, SPX Sell signal was triggered today with the VIX close below the lower BB.  This is the second VIX Buy, SPX Sell signal triggered over the past 2 weeks.  I don’t believe this has happened since I’ve been tracking them from the March 2009 low.  It takes to 2 more steps to complete before the 2nd signal is confirmed: http://stockcharts.com/h-sc/ui?s=$NYAD&p=D&b=7&g=0&id=p23917655901&a=269536931&r=1377203427577&cmd=print

The primary count is that wave v-(c) of minor 5 of major [5]-P3-C1 has either topped at 1949 or is very close.  There is a wave (c)=1.23*(a) target 1953 and v=1.62*i of 1958.

The alternate (blue) count it that wave iii-(c) of minor 5 of major [5]-P3-C1 has either completed at 1949 or is very close to complete.  Wave iv-(c) should retrace 23%/38% to 1930/1918 before wave v-(c) heads for the ED Max of 1973 where major [5]=[1].   This alternate (blue) count should take a few more weeks to a month play out to a top between 1953 and 1973 in early to mid-July.

A move below 1862 confirms the P3-C1 top.   A move above the Ending Diagonal Maximum of 1973 invalidates both wave counts and means that P3-C1 is pushing higher likely well above 2000.  The next major fib extension after P3=1.23*P1=1941 is at P3=1.62*P1=2215.  Thus, a move above SPX 1973 would potentially be very bullish.

Good luck California Chrome on your Triple Crown Bid.    Go HEAT !

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 6-6-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 6-6-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 6-6-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 6-6-14

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