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October 9th, 2014: SP-500 EOD Update

Posted by pugsma on October 9, 2014

4:40 pm EST:  For the SP-500 primary count P4, Zig-Zag scenario it looks like major [B]-P4-C1 completed as a flat wave at 1970 yesterday.   Wave minor 1 of major [C]-P4-C1 is underway since 1970 and may have completed today at 1927.  If minor 1 did complete today at 1927, then we should see 38%/50% bonce for minor 2 to the 1943/1949 area before wave minor 3 of major [C] really starts move hard to the down side.  Assuming minor 2 completes at 1949, then the minor 3 target is at 2.62*minor 1 = 1836.  Ultimately major [C]-P4-C1 should complete at the major [C]=1.62*[A] target of 1819, which is near the 23% fib retrace of 1801.  Also note that there is a large head and shoulders top on the SP-500 4-hr chart with head at 2019, average neckline at 1915 and target of 1915-(2019-1915) = 1811

For the alternate (blue) count P4, Flat scenario we have two possibilities, 1) a simple Flat where [C]=1.23[A]=1913 or 2) an expanded flat where [C]=1.62[A]=1880.   Interesting the SP-500 200-day SMA is at 1905 and the 250-day SMA is at 1880, so both are valid targets for the completion of P4-C1.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-9-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-9-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-9-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-9-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 10-9-14

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