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July 6th, 2015: SP-500 EOD Update

Posted by pugsma on July 6, 2015

6:00 pm EST:  With no break-down today below the 2056 level, it sets up the potential for a strong move higher the alternate (blue) count.  The primary count needs to quickly break the 2056 low and then the 2046 pivot or the alternate (blue) will likely take over.

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 looks to be complete at 2085, 38% retrace.  Minor 2 took the form of abc-x-abc double Zig-Zag (bear flag).  Minor 3 of major [3] should drop break the 2056 minor 1 low and head to the 1956 pivot area, where mirror 3 = 1.62*minor 1 = 1965.   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.  Major [5] should take on the form of a 3-wave minor A-B-C form with minor A reaching the 2120 pivot, minor B a 50% pull-back to 2088 and the minor C to 2152, where C=A.   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.

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

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

SP-500 4-hr chart (EOD):

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

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