May 8th, 2015: SP-500 EOD Update
Posted by pugsma on May 8, 2015
4:55 pm EST: Critical support at 2040/2046 held this week on the drop from 2121 to 2068 and the SP-500 price rapidly rebounded 50 points in only two days to reach 2118 at the end of the week. Thus, the large P5-C1 Ending Diagonal (ED) pattern we have been tracking for months remains in tact and new all-time highs above 2126 are likely over next few weeks.
The primary count is that the move up from 2046 to 2126 was only minor A of major [5]-P5-C1 and the move down to 2068 was minor B of major [5]-P5-C1. Thus, minor C up should now be underway with a target of 2148 where C=A or 2166 where C=1.23*A to complete major [5]-P5-C1. Within in minor C, wave (1) completed at 2093, wave (2) at 2087 and now wave (3) is underway headed for a target of (3)=2.62(1) = 2153. There is also the P5 = 0.5*P1 target at 2172. Note that the Primary 5 (P5) ED maximum is 2185=(2046 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].
Once the Cycle (C1) top is confirmed on a break below 2040/2046, 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.
Have an awesome 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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