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October 23th, 2014: SP-500 EOD Update

Posted by pugsma on October 23, 2014

5:55 pm EST:  Today’s SP-500 price movement was nearly to perfection per the primary wave count as shown last evening on the 15-min chart, where wave minor 3 = 2.62*minor 1 was hit at 1962 today.  The minor 4 correction then began from 1962 with a target of the 23% fib retrace to 1933.  Once minor 4 ends, minor 5 should move to the M5=M1 target of 1982.   This will complete the initiation impulse for major [1]-P5-C1 and usher in a major [2]-P5 correction of a 50% fib retracement to 1917.  The major [1] wave ending at 1982 and major [2] drop to 1917 should form the neckline and right shoulder of a large Inverse Head and Shoulders (IHS) pattern that has a target of 1982 + (1982 – 1820) = 2144.  I have the major [3] = 1.62*[1] target of 2163, which agrees with this IHS pattern.  Ultimately P5-C1 should reach the at least the P5 = 0.62*P1 target of 2238 shown on the daily chart below.

The alternate (blue) count for the large P4-C1 triangle wave has major [B]-P4 ending today just above the 1956 pivot target at 1962.   There should now be a large major [C] correction back down to the 1849 pivot, before major [D] up to the 1926 pivot and finally a major [E] down to the 1884 pivot complete P4-C1.

The two completing wave counts are not at an inflection point after today’s move up to 1962.  The primary count needs hold above the 1926 pivot and keep climbing above the 1968 pivot to complete major [1]-P5-C1.  The alternate (blue) needs to now break the 1926 pivot and head down rapidly toward the 1849 pivot for major [C]-P4-C1.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-23-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-23-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-23-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-23-14

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