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September 24th, 2014: SP-500 EOD Update

Posted by pugsma on September 24, 2014

3:05 pm EST:   The key SPX 1978.48 level held this morning and produced an extremely large move higher from an extreme oversold $NYMO condition (below -60).  The VIX has dropped -10% today and this move will likely confirm the VIX Sell, SPX Buy signal that triggered yesterday with the VIX closing above the upper BB.   Based on both of these items today, the more bullish alternate (blue) count calling for a new SPX ATH high above 2019 with a target area of 2051 to 2085 has to once again be given equal weighting to the primary count.  The wave count is 50/50 here in between the key SPX thresholds of 1978 to 2019.

The primary count is that the move down from 2019 to 1979 was wave minor 1 of major [A]-P4-C1.  This move back up from 1979 is wave minor 2 with the 50%/62% fib retrace targets at 1999/2004.  This primary wave count remains valid below the 2019 high.

The alternate (blue) count is that move down to 1979 end wave ii-(5) of minor 5 of major [5]-P3-C1.   Wave iii-(5) is underway with an initial target of 2029, where iii=1.62*i.   Targets for the completion of P3-C1 range from wave (5)=1.62(1)=2042 to minor 5=1=2051 and major [5]=[1]=2085.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 9-24-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 9-24-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 9-24-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 9-24-14

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