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December 12th, 2014: SP-500 EOD Update

Posted by pugsma on December 12, 2014

6:15 pm EST:   The SP-500 primary count looks to have completed 5 wave does from 2056 to 2002 today to end minor C of major [2]-P5-C1.   The 2002 level is just below the C=A target of 2011 and hit the wave (5)=(1) target of 2005 within the minor C wave.  Notice that on the 4-hr and daily charts the SP-500 price closed right at the mid-channel support and the 50-day SMA of 2001.  There is still the possibility that minor C of major [2]-P5-C1 could sub-divided further and reach the C=1.62*A target of 1983 or even the C=1.62*A target of 1938, which would be near the 38% retrace of 1981 and the 50%/62% retrace of 1950/1918, respectively.  Once major [2]-P5-C1 ends, there should be long grinding major [3]-P5-C1 wave up towards the SP-500 2400 level over the next 6 to 9 months.  Ultimately P5-C1 should reach the P5=P1 target of 2524 late in the year 2015.

The alternate (blue) count for a major [4]-P5-C1 wave is now less likely that the 2019 pivot and 38% retrace of 2021 was breached decisively today.   However, the alternate (blue) count does still remain valid as long as the major [4]-P5-C1 wave remains above the major [1]-P5-C1 high of 1949.  For the alternate (blue) count once major [4]-P5-C1 ends above 1949, there will be one last major [5]-P5-C1 wave up above 2079 that should reach at the P5=0.5*P1 target of 2172 or the P5=0.62*P1 target of 2254 over the next month or two.

Have a great weekend !

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

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

SP-500 4-hr chart (EOD):

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

SP-500 daily chart (EOD):

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

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 12-12-14


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