March 24th, 2015: SP-500 EOD Update
Posted by pugsma on March 24, 2015
5:10 pm EST: The primary count is that minor A of major [5]-P5-C1 of a large P5 Ending Diagonal (ED) completed at 2115. There should now be a 50% Fibonacci retracement for minor B of major [5] down to the 2079 pivot area. Once minor B completes, minor C of major [5] should make a new high above 2120. Assuming minor B reaches 2078, then the C=A target would be 2153. The major [5]-P5 wave up is underway and must complete with major [5] < [3], which is 139 points above the major [4] low or 2040 + 139 = 2179. The P5 = 0.5*P1 target is at 2172. It is also possible (see red count labels) that the move up from the major [4] low of 2040 to 2081 was all of minor A, the move down from 2081 to 2061 was minor B and now this move up from 2061 to 2127 will be all of minor C to complete major [5]-P5-C1 in the next few days to a week. In either case, Cycle 1 of Super Cycle V of the 6+ year, cyclical bull market is likely coming to end during this week to about month (end of April).
The primary count ED would go invalid on a move above 2179 giving way to the much more intermediate term bullish alternate (blue) wave count. The alternate (blue) is that a wave (3) of minor 3 of major [3]-P5-C1 impulse wave is underway that will take the SP-500 much higher. The wave (3) of minor 3 has a target of 2265, where (3) = 1.62*(1). Within wave (3), wave i-(3) completed at 2115, wave ii-(3) is now underway with a 50% retrace target of 2078 and wave iii-(3) should reach the Fibonacci extension of iii = 1.62*i = 2200. The wave minor 3 target is 2298, where minor 3 = 2.62*minor 1 and major [3] target is 2393, where major [3] = 1.62*[1]. This alternate (blue) count is considerably more bullish than the primary count and would mean that the SP-500 could reach the P5 = P1 target of 2524 over the next year.
Like the primary wave count, the alternate (blue) count remains valid above the low of 1981. The Cycle 1 top would be likely on a break below 2040 and confirmed on a break of the 1981 low. Below the 1981 level, the Cycle 2 (C2) correction of 50%/62% down to 1420/1239 is underway. The first Primary A (PA ) wave of C2 is likely to reach the 1730 pivot area.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (3-19-15):
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