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October 7th, 2014: SP-500 EOD Update

Posted by pugsma on October 7, 2014

6:00 pm EST:  For the SP-500 price, the move up from 1926.03 to 1977.84 did not violate the minor 1 low of 1978.63 of either the primary or alternate (blue) wave count.  Thus, the move up to 1977.84 counts best as a wave minor 4 in both wave counts.   This means that wave major [A]-P4-C1 (primary count) and P4-C1 (Alternate blue count) still owes us a new low below 1926.03 in the coming day or two.   I’d expect this coming new low to end between the 1926 and 1905 pivots.  Note that the rising 200-day SMA for the SP-500 is at 1903.

For the primary count once this major [A]-P4 wave ends between the 1926 and 1905 pivots, there should be a longer lasting (more that 2-days) major [B]-P4 bounce to the 1976 area to form the right-shoulder of a large Head and Shoulders (H&S) pattern with head at 2019 and neck-line at 1905 that measures to 1791 to complete primary count P4-C1 low.  Note the 23% fib retrace target for P4-C1 is at 1801 and agrees with the H&S target of 1791.

For the alternate (blue) count once the P4-C1 wave ends between the 1926 and 1905 pivots, there should be a strong move up to new All-time highs above 2019 in wave major [1]-P5-C1.

Updated wave counts are show on the charts below.

SP-500 15-min chart (EOD):

PUG SP-500 15min chart EOD 10-7-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-7-14

SP-500 4-hr chart (EOD):

PUG SP-500 4hr chart EOD 10-7-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-7-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 10-7-14

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