August 7th, 2014: SP-500 EOD Update
Posted by pugsma on August 7, 2014
5:40 pm EST: Looks like an ending diagonal (bullish falling wedge) for wave (c) of minor 4 of major [5]-P3-C1 of the primary count or a wave (5) of minor A of major [A]-P4-C1 of the alternate (blue). The low may have been set today at 1905 , but it looks like there might be a bounce to 1918 and one more low at 1896 (i.e. for the primary count there is wave (c)=0.62*(a) target at 1896) to complete the ending diagonal. In either case, we should see rally toward the 1956 pivot area soon. Note that for the primary count I have moved the minor 1 of major [5]-P3-C1 high to the 1884 level. This means that wave minor 2 was a flat and this would alternate well with the sharp zig-zag for minor 4 that we are seeing now on the drop from 1991 to 1905. Primary count remains valid above the 1884 level, which is right at the lower light blue channel line on the both the 4-hr and daily charts below.
It’s time to be cautious and watch to see if the 1884 area holds or not. There was a 13-day EMA (1943) versus 34-day EMA (1951) bear-cross on Wednesday (which is SP-500 sell signal on the daily chart). The SP-500 needs to re-gain and close above 1956 pivot soon to avoid an intermediate term (IT) trend change.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
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