October 1st, 2014: SP-500 EOD Update
Posted by pugsma on October 1, 2014
5:00 pm EST: As forecast by the primary wave count, today saw the SP-500 break below the 1956 pivot range and break below the light blue bull trend line on the 4-hr and daily charts that had been in place since the year 2012. The P3-C1 top is in place at 2019 and the P4-C1 wave is underway headed for fib retrace targets of 1801 (23%) or 1660 (38%). Note the wave 4 of lesser degree (i.e. major [4]-P3) is at 1738 and is often times a good target area, which is right between the 23%/38% fibs.
The primary count is that wave (3) of minor 3 of major [A]-P4-C1 is underway with a target at 1936, where (3)=2.62*(1). Today’s low of 1942, looks like end of wave iii-(3) of minor 3. The minor 3 target is at 1917, where minor 3=1.23*minor and the major [A]-P4 target is the 1905 pivot. Once major [A]-P4 completes, there will be a major [B]-P4 bounce back to the 1956 to 1968 pivot area before major [C]-P4 heads to the P4 targets mentioned above.
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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