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June 11th, 2015: SP-500 Mid-day/EOD Update

Posted by pugsma on June 11, 2015

1:10 pm EST:   Today’s move up to 2115 was a perfect back-test of the yellow, lower trend-line of the P5-C1 ending diagonal of the primary wave count.

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.   Today’s high of 2115 is 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] = 1950 target.  Ultimately PA-C2 should test the 1926 pivot to 1884 pivot area, which is a 62%/78% retrace of the P5-C1 ending diagonal.  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 hit the (3)=1.62(1) = 2115 target today.  A wave (4) pull-back is likely underway that should retrace 23%/38% to 2107/2101 before wave (5) completes minor A.   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]).

Have a great weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 6-11-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 6-11-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 6-11-15

SP-500 daily chart (EOD):

PUG SP-500 daily MD 6-11-15

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