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September 17th, 2014: SP-500 EOD Update

Posted by pugsma on September 17, 2014

5:40 pm EST:  The famous 3 set process for the VIX Sell, SPX Buy signal was confirmed today with a red VIX close.

http://stockcharts.com/h-sc/ui?s=$NYAD&p=D&b=7&g=0&id=p88512801943&a=269536931&r=1410958141020&cmd=print

Primary count is that wave (5) of minor 5 of major [5]-P3-C1 is underway and headed for a target between (5)=(1)=2018 and  (5)=1.62(1)=2042.  Wave i-(5) looks like it completed today at 2011 and wave ii-(5) should now pull-back to the 50%/62% retrace area of 1996/1991.  After wave ii-(5) completes, wave iii-(5) should make news highs above 2011 with fib targets in the 2044 area, where iii=1.62*i.  There is the minor 5=1 target at 2051 and the major [5]=[1] target of 2085 should the P3 wave want to extend a bit higher.

The alternate (blue) more bullish wave count is that wave (2) of minor 5 of major [5]-P3-C1 ended at 1978 and wave (3) up began headed for a target of 2150, where (3)=1.62*(1).   For this more bullish count, ultimately P3 should top at P3=1.62*P1 = 2215 towards year-end or early 2015.

Both the primary and alternate blue counts could benefit from the potential triple SPX Buy trigger at the close today.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 9-17-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 9-17-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 9-17-14

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