April 17th, 2015: SP-500 Mid-day Update
Posted by pugsma on April 17, 2015
1:05 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 underway headed for the 2046 pivot area. 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.
There is an alternate (blue) count version of the primary count where major [4]-P5-C1 is playing out as a large contracting triangle that is now in the minor E of major [4] wave down to the hold above the 2046 pivot. Once major [4] is complete, major [5] should make one more high above 2120 over the next month. Thus the Ending Diagonal (ED) for P5-C1 should end between 2120 and the P5 = 0.5*P1 = 2172 target. Note that the ED maximum is 2179 (2040 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
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