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June 2nd, 2015: SP-500 EOD Update

Posted by pugsma on June 2, 2015

4:50 pm EST:   Today saw the SP-500 test the 2099 support and it held.  There have now been 7 touches of the lower ED yellow trend-line (see 60-in chart) since late April.  The more touches on a trend-line, the higher the probability it will eventually fail.

The primary count is that wave minor 1 of major [1]-PA-C2 completed at 2099.   Wave minor 2 completed at the 78% retrace of 2127.  Wave minor 3 is likely underway and should target 2069, where minor 3 = 1.62*minor 1.  Details of the smaller waves within wave minor 3 are shown on the 15-min chart.   Major [1] should target the 2046 support area.   Cycle 1 (C1) likely topped at 2135 and the Cycle (C2) correction is underway.  However, a break of 2099, then 2068 and finally 2046 is needed for full confirmation.  Note: The primary count is valid for minor 2 below the 2135.  Above 2135, the alternate (blue) count becomes the primary.

The alternate (blue) count is that the P5-C1 Ending Diagonal (ED) pattern is extending toward the P5 = 0.5*P1 = 2172 target.  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):

PUG SP-500 15-min 6-2-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min 6-2-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr 6-2-15

SP-500 daily chart (EOD):

PUG SP-500 Daily 6-2-15

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