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October 8th, 2014: SP-500 EOD Update

Posted by pugsma on October 8, 2014

5:50 pm EST:  Today’s new price low at 1925 vs 1926 completed major [A]-P4-C1 (primary count) or major [C]-P4-C1 (alternate blue count).

For the primary count the move up from 1925 to 1970 is minor A of major [B]-P4-C1.  There should be a minor B retrace of about 50% to 1948 and then a minor C completion of major [B]-P4 at the 62%/78% retrace target of 1983/1998.   Once major [B] completes sometime next week, major [C]-P4 will drop below 1925 to the 1801 target to complete P4-C1 sometime in November.  Over the past 3 mounts, there is a head and shoulders top formed on the SP-500 (see the 4-hr chart) with at head at 2019, an average neckline of 1915 and a target of 1915 – (2019-915) = 1811.  On a break back down through the 1926 pivot, this head and shoulders pattern will be triggered and it should play-out to it completion to end P4-C1.

For the alternate (blue) count this first move up for P5-C1 from 1925 to 1970 is minor 1 of major [1]-P5-C1.   There should be a minor 2 retrace of about 50% to 1948, before minor 3 moves to new all-time highs above 2019.  The minor 3 = 2.62*minor 1 target is 2056 and major [1]-P5 should reach the 2085 area.

Note:  The primary count remains valid below 2019 and the alternate (blue) count remains valid above 1925.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-8-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-8-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-8-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-8-14

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