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April 7th, 2015: SP-500 EOD Update

Posted by pugsma on April 7, 2015

4:30 pm EST:  No change in either wave count after today’s small price range of 2090 to 2076.

The primary count needs to continue to move higher in wave (3) of minor C of major [5]-P5-C1 with a target of 2118, where (3)=1.62*(1).  The ending diagonal for major [5]-P5-C1 should end between the C=A = 2121 target and the ED Max of 2179.

The red label version of the primary count looks to have completed at flat for wave minor 2 of major [1]-PA-C2 today at the 62% retrace of 2088.   If this red count is correct, then a minor 3 wave down should now be underway which should break the key 2040 level in route to a minor 3 = 1.62*minor 1 target of 1977.  I’m looking for major [1]-PA-C2 to reach the 1968 pivot area, which is also the double top (2115) target on a break below 2040.

In either case, Cycle 1 of Super Cycle V of the 6 year, cyclical bull market has ended or will be ending in the next few weeks and a significant SP-500 correction for Cycle 2 (C2) is underway headed for the 50%/62% Fibonacci retrace area of 1391/1217 over the next year.  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 1391/1217 is underway.   The first Primary A (PA ) wave of C2 is likely to reach the 1730 pivot area.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-7-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-7-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-7-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 4-7-15

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