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January 29th, 2015: SP-500 EOD Update

Posted by pugsma on January 29, 2015

5:15 pm EST:    The SP-500 continues it’s range bound price movement between 1988 and 2065.  Once this range breaks, the correct wave count will be revealed.   Today the SP-500 for the third time in the month of January found support at the 1991 pivot and produce a strong more up from the 1989 morning low to close at the 2021 pivot.

The primary count is that minute (2) of minor 3 of major [3]-P5-C1 played out as a deep nearly 100% retrace to 1989.18.  Wave (3) of minor 3 of major [3] should now be underway and should explode higher and make new highs above 2094.  The minor 3 target is 2181, where minor 3 = 1.62*minor 1.  The major [3] target is at least 2232, where [3]=[1] and the P5-C1 target is at least 2254, where P5 = 0.62*P1.   A break below 1988 would invalidate the primary count.

The alternate (blue) wave count is that minor Y of major [2]-P5-C1 has been underway since the minor X high of 2065.  Note, wave major [2] looks to be playing out as a large double Zig-Zag, W (1992), X (2065) and now Y.  There are several wave minor Y Fibonacci based targets to look for the major [2] low.   We have Y=W = 1962, Y=1.23*W=1939 and Y=1.62*W=1899.   There are also the typical 50%/62% retrace targets are at 1950/1918.    Wave minor Y looks to have completed minute (a) today at 1989 and is now in a minute (b) bounce that should retrace 50%/62% to 2027/2036 before wave (c) of minor Y makes a new low below 1989 toward the minor [2] targets mentioned above.  A break above 2065 would invalidate the alternate (blue) count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-29-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-29-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-29-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-29-15

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