July 25th, 2014: SP-500 EOD Update
Posted by pugsma on July 25, 2014
4:50 pm EST: Todays drop to 1974 for the SP-500 played out as forecast.
The primary count wave (2) of minor 5 of major [5]-P3-C1 could have ended today at the 50% retrace target of 1973, however it looks like there should be another move lower to the more typical wave (2) 62% fib retrace of 1969 and the 1968 pivot support. From there waves (3) and (5) of minor 5 should head to new highs above 1991 and the triangle target of 2027 to complete P3-C1. The primary count would become invalid on a wave (2) drop be the minor 4 low of 1956.
The alternate (blue) count looks to have completed wave (a) of minor 4 of major [5]-P3-C1 early today at 1974 and the consolidation the rest of today was wave (b) of minor 4. I’m looking for a continued move lower for wave (c) of minor 4 to the 1950, 23% fib retrace target early next week. The alternate (blue) count would become in valid on a move above 1991.
Have a solid weekend !
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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