January 8th, 2015: SP-500 EOD Update
Posted by pugsma on January 8, 2015
5:45 pm EST: Again as expected and forecast by the primary wave count, the SP-500 gapped up and moved from 2025 to 2064 today.
The primary count is that minute (1) of minor 3 of major [3]-P5-C1 headed for the 2079 to 2094 pivot area. From the 1992 low, we have 5-waves up to 2017 for wave i-(1) of minor 3 and then 3-waves down to 2002 for wave ii-(1) of minor 3. Wave iii-(1) of minor 3 is underway and is likely headed for the iii = 2.62*i target of 2068. Wave (1) of minor 3 should reach the 2079 to 2094 pivot area. Minor 3 should reach 2188, where minor 3 = 1.62*minor 1 and major [3] should reach at least the [3]=[1] target of 2232. Ultimately I’m expecting P5 to reach at least the P5 = 0.62*P1 target of 2254 my mid-year and higher targets like P5=P1 at 2524 are possible. The primary count remains valid above 1992.44 and break above 2093.55 will confirm the primary wave count.
The alternate (blue) count is minor 2 of major [C]-P4-C1 complete or nearly completed at 78%/88% retrace target of 2071/2082. Minor 2 can’t exceed the 2094 level and it should be noted here that rarely does a minor 2 corrective wave a bearish wave count exceed the 62% retrace, which was 2055. Thus the odds of the alternate (blue) count being corrected have dropped significantly. Once wave minor 2 completes there will should a very large minor 3 move down toward 1804, where minor 3 = 2.62*minor 1. For the entire P4 expanded flat, the typical major [C]=1.62*[A] target is at 1772. A break above 2093.55 would invalidate this alternate (blue) count.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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