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June 23rd, 2014: SP-500 EOD Update

Posted by pugsma on June 23, 2014

5:45 pm EST:  Today’s very small range day (1959 to 1964) did nothing to change the SP-500 wave counts.

The primary count is that wave v-(c) of minor 5 of major [5]-P3-C1 is headed for the v=i target of 1968.  The major [5]-P3-C1 Ending Diagonal (ED) maximum is at 1973 and thus with an intra-day move above 1973 and the alternate (blue) count will take over as the primary.

The alternate (blue) count is that wave minute (4) of minor 3 of major [5]-P3-C1 completed at 1926.  Wave minute (5) is underway headed for a (5)=(1) target of 2003 to complete minor 3.  Should minor 3 come up short of 2003, there is also a (5)=0.62(1) fib target at 1974 and a minor 3 = 1.23*minor 1 fib extension target at 1994.  Once minor 3 completes, minor 4 should retrace 23% back down to the 1956 pivot before minor 5 of major [5]-P3-C1 completes near the major [5] = [1] target 2085.  The alternate (blue) count will remain valid as long as the minor 4 retrace remains above the minor 1 high of 1884.

Thus break below 1926, before above 1973 will confirm the P3-C1 top per the primary count as currently labeled.   However, the alternate (blue) count variant with a higher P3-C1 top than 1973 can remain valid down to 1884.  So it will take a break below 1884 to fully confirm the P3-C1 top.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 6-23-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 6-23-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 6-23-14

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