October 31, 2014: SP-500 EOD Update
Posted by pugsma on October 31, 2014
5:30 pm EST: The SP-500 price hit 2018.19 today and came within 1 point of exceeding the all-time high of 2019.26.
For the primary count we are still looking for the end of the major [1]-P5-C1 “initiation impulse” wave. We have the minor 5 = 1.62*minor 1 = 2025 target dead ahead. The 2019 pivot range is 20112 to 2026, so this 2019 pivot resistance could end the major [1] wave. However, should the 2026 price be exceed, then the next Fibonacci target would be minor 5 = 2.62*minor = 2074. Once major [1] terminates, we should see the first significant correction since the October 15th, P4 bottom of 1820. Major [2] should correct about 50% of major [1] and that would be down to the 1926 pivot range, assuming major [1] ends at 2019 to 2026.
The alternate (blue) count P4 ascending triangle wave is on its last live. Major [B]-P4-C1 should not exceed the 2019 pivot range of 2012 to 2026 if this alternate (blue) count is to have a chance of playing out to a much deeper major [C]-P4 wave correction down to the 1884 pivot area.
What wonderful two weeks of market “initiation impulse” wave action (i.e. major [1]-P5) since the PUG SMA P4-C1 bottom call on October 16th.
Happy Halloween and Have a great weekend !!!
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
SP-500 monthly chart (EOD):
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