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November 4th, 2014: SP-500 EOD Update

Posted by pugsma on November 4, 2014

5:20 pm EST:   No change in the SP-500 wave counts.

For the primary count I’m looking for a double Zig-Zag minor wave W-X-Y for major [2]-P5-C1.   Today’s low at 2001 could be wave minute (a) of minor W, with the move back to 2014 as wave (b) and next there should be a drop to (c)=1.62*(a) = 1976 to complete minor W.  From there a minor X bounce of a 50% retrace up to 2000 before a minor Y = W fall to 1952 complete major [2] near the 38% Fibonacci retrace of 1946.  Note however that it will take a break below 1980 to confirm the major [1]-P5-C1 top and if the SP-500 breaks back above 2024 before below 1980, then minor 5 of major [1]-P5-C1 is still extending higher.

The alternate (blue) count ascending triangle is looking for a deep major [C]-P4-C1 correction down to the 1905/1884 pivot area.  Any move back above 2024 now would invalidate this alternate (blue) count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 11-4-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 11-4-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 11-4-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 11-4-14

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