June 4th, 2015: SP-500 EOD Update
Posted by pugsma on June 4, 2015
4:15 pm EST: Today the SP-500 price broke the rising wedge, ED trend-line the has been in place since early 2015.
The primary count is that wave minor 1 of major [1]-PA-C2 completed at 2099. Wave minor 2 played out as a flat that completed at 2122, just below the (c)=(a) = 2126 target. Wave minor 3 is underway and should target 2063, where minor 3 = 1.62*minor 1. 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. Wave (2) of minor C of major [5]-P5 looks to be complete at the 62% retrace of 2093 or will need one more small drop to the 78% retrace of 2083. Once wave (2) is complete, wave (3) of minor C should target the 2160 area. 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):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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