July 1st, 2015: SP-500 EOD Update
Posted by pugsma on July 1, 2015
5:00 pm EST: The primary count is that major [3] of PA-C2 down is underway with the major [3] target is at [3]=2.62*[1] = 1964 target. Within wave major [3], minor 1 bottomed at 2056. The minor 2 bounce to 2094 pivot area is underway. Minor 2 could be complete today at 2083 as a single a-b-c Zig-Zag, which is the 38% retrace or it could form a abc-x-abc double Zig-Zag and head for the 2092 pivot area, which is the more typical wave 2 retrace of 50%/62% (2093/2102). Once minor 2 completes, minor 3 of major [3] should drop to the 1956 pivot area, 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 played out as a 3-wave, minor A-B-C correction from the 2135 major [3]-P5-C1 high. Major [4] looks like it completed at 2056, which was near the C = 1.23*A target of 2053. 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 above the major [2] low of 1981.
Have a fun and safe 4th of July Holiday Weekend !
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.