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December 1st, 2014: SP-500 EOD Update

Posted by pugsma on December 1, 2014

7:50 pm EST:  With the break below 2056 today it would appear that the top of wave major [1]-P5-C1 (primary count) or major [3]-P5-C1 (alternate count) was reached at 2076 on Friday, Nov 28th.

For the primary count we are now looking for a 38%/50% retracement of the major [1] wave move up from 1820 to 2076 for major [2]-P5-C1, which is down to the 1979/1948 area.  We have 5-waves down from 2076 to 2049 today, which is wave minute (1) of minor A of major [2].  We should see a move back up to a 50%/62% retracement at 2063/2068 for wav (2), before a wave (3) of minor A fall to the 2019, where (3)=1.61*(1).  Minor A should complete around the 2010 area before a minor B bounce up to a 50% retracement at 2043.  Finally minor C of major [2] should drop 66 points to 1977 to complete major [2] near the 1968/1956 pivot area.

For the alternate (blue) count major [4] should retrace just 23%/38% of the major [3] wave up from 1927 to 2076, which is at the 2042/2019 area.   A typical wave 4 target is the wave 4 of previous degree or in this case minor 4 of major [3] at 2030-2034.  Thus, this area fits well with a shallow retracement for major [4].  So I’d expect major [4] of the alternate (blue) to remain at or above the 2019 pivot.  Below the 2019 pivot, we should be in the primary count major [2] retracement down to 1979 to 1948.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-1-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-1-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 12-1-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 12-1-14

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