May 15th, 2015: SP-500 EOD Update
Posted by pugsma on May 15, 2015
12:50 pm EST: No change in the wave count as the final wave of the large P5-C1 ending diagonal slowly creeps higher to its conclusion.
The primary count is minor C of major [5]-P5-C1 is underway from the 2068 minor B low. Minor C up has a target of 2148 (blue labels) where C=A or 2166 (white labels) where C=1.23*A to complete major [5]-P5-C1. Within in minor C, wave (1) completed at 2118, wave (2) at 2086 and now wave (3) is underway headed for a target of (3)=1.62(1) = 2167. 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 primary count remains valid above the major [4] low of 2046.
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 a wonderful weekend !
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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