May 7th, 2015: SP-500 EOD Update
Posted by pugsma on May 7, 2015
4:40 pm EST: The primary count is that P5-C1 topped at 2126 and Cycle 2 (C2) lower is underway. Wave minor 1 of major [1]-PA-C2 completed at 2078, wave minor 2 ended at 2121 at the 88% retrace and now wave minor 3 should be underway headed for the minor 3 = 1.62*minor 1 = 2043 target. Within minor 3, wave (1) completed at 2068, wave (2) may have completed at 2093 at the 50% retrace or might need to test the 62% retrace at 2101. Major [1]-PA should reach the 2019 pivot by late May. This primary count is invalid above 2126. The Cycle 2 (C2) wave is likely headed for the 50% Fibonacci retrace area of 1419 over the next year. The first Primary A (PA ) wave of C2 is likely to reach the 1814 pivot area (-15% correction) by the fall of 2015.
The alternate (blue) count is that the move up from 2046 to 2126 was only minor A of major [5]-P5-C1 and that this move down to 2068 is minor B of major [5]-P5. Thus, minor C up should now be underway with a target of 2148, where C=A to complete major [5]-P5-C1. Note that the Primary 5 (P5) ED maximum is 2185=(2046 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].
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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