January 16th, 2015: SP-500 EOD Update
Posted by pugsma on January 16, 2015
6:15 pm EST: Today confirmed the week-long positive divergence on the $NYMO with respect to the new SP-500 price low at 1988.
The primary count is that wave minor 2 of major [3]-P5-C1 completed today at 1988, which is the 88% Fibonacci retrace. However, should minor 2 head lower from here the primary count remains valid with minor 2 above 1972.56. Assuming minor 2 is complete at 1988, wave minor 3 of major [3] should be underway and headed for the minor 3 = 1.62*minor 1 target of 2184. Within the wave minute (1) wave of minor 3, I have wave i-(1) at 2012, wave ii-(1) at 2004 and now wave iii-(1) underway headed for the wave iii = 1.62*i target of 2042. Wave (1) of minor 3 should reach the 2064 area before a small wave (2) pull-back and then the launch of wave (3) of minor 3 of major [3] to new all-time highs above 2094. Major [3] should reach at least the [3]=[1] target of 2234 and ultimate major [5]-P5-C should reach at least the P5=0.62*P1 target of 2254.
The alternate (blue) count is that major [2]-P5-C1 still underway and is headed for the C=A target of 1962 or the 50% Fibonacci retrace of 1950. The 1988 low was the completion of wave (3) of minor C and the bounce to 2020 was a wave (4) flat. Since wave (4) can not exceed the wave (1) low of 2022.58, wave (5) down needs get underway on Tuesday and head lower to the C=A=1962 target or the 50% retrace at 1950. A move above 2022.58 will invalidate this alternate (blue) count.
Have an awesome weekend !!!
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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