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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):

PUG SP-500 15-min chart EOD 7-1-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 7-1-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 7-1-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 7-1-15

 

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