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May 11th, 2015: SP-500 EOD Update

Posted by pugsma on May 11, 2015

 6:20 pm EST:  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].

The alternate (red) count is that P5-C1 topped at 2126 and the Cycle 2 (C2) wave down is underway.  Wave minor 1 of major [1]-PA-C2 completed at 2078 and wave minor 2 was running flat ending at 2118, just below the 88% retrace of 2120.  Wave minor 3 should now be underway headed for a target of 2040, where minor 3 = 1.62*minor 1.  Minor [1]-PA should reach the 2019 pivot.  The alternate (red) count is valid below the 2126 level.

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.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 5-11-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-11-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 5-11-15

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