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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):

PUG SP-500 15-min chart EOD 5-8-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-8-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 5-8-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 5-8-15

 

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