April 17th, 2015: SP-500 EOD Update
Posted by pugsma on April 17, 2015
5:45 pm EST: Looks like the Cycle 1 top is in place and Cycle 2 down is underway. A break of 2040 and finally 1981 is required for confirmation.
The primary count is that minor C of major [5]-P5-C1 truncated at 2111, just shy of the 2121, C=A target. Cycle 2 (C2) is underway with wave minor 1 of major [1]-PA-C2 ending at 2072 pivot area. Looking for a minor 2 bounce to a 50%/62% retrace of 2092/2096. From the minor 2 level 2092/2096, minor 3 should reach the 1.62*minor 3 target of 2028/2032. Details on 15-min chart. Major [1] should reach at least the 1991 pivot area over the next week. The Cycle 2 (C2) wave is likely headed for the 50%/62% Fibonacci retrace area of 1391/1217 over the next year. The first Primary A (PA ) wave of C2 is likely to reach the 1814 pivot area (a -15% correction) over next several months.
After reviewing the SPX price action the past few days at the close today, I see a better alternate (blue) count that has today’s low of 2072 ending a minor B of major [5]-P5-C1 expanded flat. This would mean the SP-500 is ready to finally push higher than 2120 to complete minor C of major [5]-P5-C1 at either C=A=2134 or C=1.62*A=2172 over the next few week to a month to complete the Ending Diagonal for P5-C1. P5 = 0.5*P1 = 2172. Note that the ED maximum is 2179 (2040 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].
Have a great 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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