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January 23rd, 2015: SP-500 EOD Update

Posted by pugsma on January 23, 2015

4:20 pm EST:   The primary count is that wave (1) of minor 3 of major [3]-P5-C1 completed at 2065.  There should now be a wave (2) pull-back to the 38%/50%/62% fib retrace of 2036/2027/2017 and then the launch of wave (3) of minor 3 of major [3] to new all-time highs above 2094.  Wave (3) of minor 3 target is at 2162,  where minute (3)=1.62(1) = 2262.  Wave minor 3 of major [3] should be headed for the minor 3 = 1.62*minor 1 target of 2184, wave major [3] should reach at least the [3]=[1] target of 2234 and ultimately major [5]-P5-C should reach at least the P5=0.62*P1 target of 2254.   The primary wave count remains valid above the 1988.12 low.  Note that there is an Inverse Head and Shoulders (IHS) on the 15-min and 60-min charts with Head at 1988, Neckline at 2065 and measured move target of 2065 + (2065-1988) = 2142, which is near the minute (3)=1.62(1) target of 2262.

The alternate (blue) count is that major [2]-P5-C1 still underway and is headed for the 50%/62% Fibonacci retrace of 1950/1918.   The 1922 low was the completion of wave minor A of major [2] and the double bounce to 2064 is all or most of a minor B flat.  For minor B, wave minute (c)=(a) at 2060 and it looks to have completed at 2065.  Minor C should now be underway headed for the C=A=1962 or C=1.23*A=1938 to complete major [2].  A move above 2093.55 during minor B will invalidate this alternate (blue) count.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-23-15

SP-500 60-min chart (EOD):

PUG SP-500 60min chart EOD 1-23-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-23-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-23-15

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