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October 15th, 2014: SP-500 EOD Update

Posted by pugsma on October 15, 2014

6:30 pm EST:   The SP-500 came within 1 point of hitting my primary wave count major [C]=1.62*[A]=1819, P4-C1 target today and then bounced up 49 points (+2.7%) to 1869 late in the day.   The drop to 1820 could have been it for the P4-C1 bottom.  However, there are still slightly lower targets at the head and shoulders top target of 1811 and the 23% Fibonacci retrace target of 1802.  So it’s possible that the move down from 1935 to 1820 was just the completion of minor 3 of major [C]-P4-C1 and the 38% retrace to 1869 was all or part of a minor 4 wave that must remain below the minor 1 low of 1913 to remain a valid count.   Assuming the move up from 1820 to 1869 ended minor 4, then the minor 5=1 target is 1811 and it fits with the H&S Top target mentioned above..  The waves over the next 3 to 5 days should help us determine which count is correct for the P4-C1 bottom.  A move above 1913 before below 1820 means that the P4-C1 has already bottomed today at 1820 and a move below 1820 before above 1913 means the P4-C1 bottom is still in progress.

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-15-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-15-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-15-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 10-15-14

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