June 17th, 2015: SP-500 EOD Update
Posted by pugsma on June 17, 2015
3:05 pm EST: The primary count is that major [1]-PA-C2 completed at 2072. Wave major [2] completed at 2115, which was the 62%/78% retrace area. The move up to 2115 for major [2] was a perfect back-test and “kiss goodbye” of the broken lower, yellow trend line of the primary count P5-C1 Ending Diagonal pattern. Wave minor 1 of major [3] completed at 2072. Minor 2 of major [3] is testing the 78%/88% retrace area of 2105/2110. Once minor 2 completes, the heart of the minor 3 of major [3] wave down will be underway that should break below 2000. The minor 3 target is at 1.62*minor 1= 2036 or 2.62*minor 1 = 1993. The major [3] target is at [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 minor 2 of major [3] below the 2115 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] completed at 2115. Wave minor B retraced nearly all of minor A back down to 2072. Minor C should be underway and will complete major [5]-P5-C1 of Ending Diagonal near the P5=0.5*P1 = 2172 target. Not that there is minor C = 1.62*A target at 2142. Basis the major [4] low of 2072, the ED maximum is 2074 + 154 = 2226 (as for an ED wave [5] < [3] < [1]). The alternate (blue) count would go invalid on a move below 2072.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.