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June 29th, 2015: SP-500 EOD Update

Posted by pugsma on June 29, 2015

5:30 pm EST:  The SP-500 dropped to 2057 and into the intersection of the uptrend lines as seen on the SPX daily chart.   Looking for this wave down to end at the 2046 pivot area for both wave counts.   The VIX Sell, SPX Buy signal was triggered today along with the SPX Buy signal based on the SPX lower BB breach (see the chart link below).  There is also potential positive divergence (+div) with the $NYMO close at -58 and SPX at 2057 vs -60 and 2080 back in early May.

http://stockcharts.com/h-sc/ui?s=$NYAD&p=D&b=7&g=0&id=p88512801943&a=269536931&r=1410958141020&cmd=print

The primary count is that major [2]-PA-C2 completed at 2130 just above the 88% retrace target of 2127.  Wave major [3] down is underway and the major [3] target is at [3]=2.62*[1] = 1964 target.  Within wave major [3], minor 1 is likely headed for the 2046 pivot area before a wave minor 2 bounce to 2094 pivot area and then a minor 3 of major [3] drop to the 1956 pivot, where mirror 3 = 1.62*minor 1.   Ultimately PA-C2 should test the 1926 pivot to 1884 pivot area, which is a 62%/78% retrace of the P5-C1 Ending Diagonal (ED).  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 is playing out as a 3-wave, minor A-B-C correction from the 2135 major [3]-P5-C1 high.  For major [4], the minor C = 1.23*A target is at 2053.  Once major [4] completes, there should be one more move higher than SPX 2135 to complete major [5]-P5-C1, where P5 = 0.5*P1 = 2172.   Basis a major [4] low of 2053, the Ending Diagonal (ED) maximum is 2053 + (2134-1981) = 2207 (as for an ED wave [5] < [3] < [1]).  The alternate (blue) remains valid the major [2] low of 1981.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 6-29-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 6-29-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 6-29-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 6-29-15

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