July 24th, 2014: SP-5000 EOD Update
Posted by pugsma on July 24, 2014
4:50 pm EST: Another new SP-500 ATH high of 1991.39 was hit today. I see the possibility of 5 waves up from 1956 to 1991, leading to two wave count options discussed below.
Primary count wave (1) of minor 5 of major [5]-P3-C1 completed at 1991 today. Wave (2) should retrace to the 50%/62% fib target of 1973/1969 before waves (3) and (5) of minor 5 heads toward the minor 4 triangle target of 2027 to complete P3-C1. The primary wave count remains valid above the minor 4 triangle wave (e) low of 1956.
Alternate (blue) count wave minor 3 of major [5]-P3-C1 completed at 1991. Assuming 1991 completed minor 3, then we should see about 40 point drop for minor 4 down to the 23% fib retrace of 1950. After minor 4 completes, minor 5 should head to a new high above 2000 towards the major [5]=[1] = 2085 target. This alternate (blue) count remains valid for minor 4 above the minor 1 high of 1897.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4hr chart (EOD):
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