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June 22nd, 2015: SP-500 MD/EOD Update

Posted by pugsma on June 22, 2015

11:45 am EST:   The SPX has retraced to 2130, which is slightly more than 88% of the move down from 2135 to 2072.  The primary wave count is hanging by a thread for invalidation.  A move above SPX 2134.72 will confirm the alternate (blue) count with the P5-C1 ending diagonal extending higher to at least 2142 and as high as 2226 over the next few months.

The primary count is that major [1]-PA-C2 completed at 2072.  Wave major [2] is playing out as a flat and should complete in 88% retrace area of 2127.   Once major [2] complete, the major [3] target is at [3]=2.62*[1] = 1964 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 P5-C1 high of 2135.

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.  Within minor C wave have wave (1) complete at 2104, wave (2) complete at 2089 and now wave (3) underway, headed for at least 2141, where (3) = 1.62*(1).   Note that there is minor C = 1.62*A target at 2142.  Also 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) remains valid above the major [4] low of 2072.

SP-500 15-min chart (mid-day):

PUG SP-500 15-min MD 6-22-15

SP-500 60-min chart (mid-day):

PUG SP-500 60-min MD 6-22-15

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr MD 6-22-15

SP-500 daily chart (mid-day):

PUG SP-500 daily MD 6-22-15

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