June 10th, 2015: SP-500 Mid-day/EOD Update
Posted by pugsma on June 10, 2015
1:10 pm EST: The SP-500 staged a big rally today as expected based on the VIX and $NYMO indicators. The SP-500 however remains at an inflection point.
Primary count is that major [1]-PA-C2 completed at 2072 as a bullish falling wedge. Wave major [2] is underway and it will typically retrace 62%/78% from the bullish falling wedge low, which is a 2111/2121 target area. This would also be a perfect back-test of the broken lower, yellow trend line of the primary count P5-C1 Ending Diagonal pattern. Once major [2] completes, there should be a large drop for major [3] to at least the major [3]=2.62*[1] = 1946 target. Ultimately PA-C2 should test the 1926 pivot to 1884 pivot area. The primary count remains valid for major [2] below the 2135 high.
The alternate (blue) count is that major [4]-P5-C1 completed at 2072 as a simple minor A-B-C. Wave minor A of major [5] is underway with target area of 2135. Wave (3) of minor A is likely headed for the (3)=1.62(1) = 2115 target. Once wave minor A completes near 2135, wave minor B should retrace about 50% to 2104, before minor C completes the major [5]-P5-C1 Ending Diagonal near the P5=0.5*P1 = 2172 target. Basis the major [4] low of 2072, the ED maximum is 2074 + 154 = 2226 (as for an ED wave [5] < [3] < [1]).
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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