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December 10th, 2014: SP-500 EOD Update

Posted by pugsma on December 10, 2014

6:15  pm EST:  The primary count is that wave minor C of major [2]-P5-C1 is underway with an initial target area of C=A = 2017, which is also the 23% Fibonacci retracement of the major [1] wave up from 1820 to 2079.   There are deeper retracements target for major [2] at 38%/50%/62% = 1981/1950/1918, the first of which agrees with the C = 1.62*A = 1988 target and the second of which agrees with the C=2.62*A = 1961 target.   We’ll just have to wait and see how this minor C wave plays out and if it ends at C=A near the 2019 pivot support or sub-divides further to the 1991 or 1956 pivot supports.  Note: the primary count is valid for a major [2] wave low above the P4 low of 1820.  Major [2] waves are meant to scare traders out of their positions, thus it would not surprised me to see this wave reach the 50% retrace target of 1950 if this primary count is correct.

The alternate (blue) count is that wave minor C of major [4]-P5-C1 is complete or nearly complete at the C=A = 2017 target, which is also near the 38% = 2021 Fibonacci retracement of the major [3]-P5 wave up from 1927 to 2079.   Note: the alternate (blue) count remains valid for a major [4] wave down to the major [1]-P5 high of 1949.  However, I’d expect this major [4] wave to hold the typical wave 4, 38% retrace = 2021 and the 2019 pivot.  If the correction goes any deeper than the 2019 pivot area (2012 to 2026), then the primary wave major [2]-P5-C1 is much more likely.

So in summary assuming this correction ends near the 2019 pivot both wave counts are about equally likely.  If the correction ends below the  2019 pivot area, then primary count is much more likely.

The famous Trifecta of SPX Buy Signals were triggered today.  Read the details on the chart below to understand what it will take to confirm each of the 3 SPX Buy Signals over the next two trading days.

http://stockcharts.com/h-sc/ui?s=$NYAD&p=D&b=7&g=0&id=p88512801943&a=269536931&r=1410958141020&cmd=print

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-10-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-10-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 12-10-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 12-10-14

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