July 7th, 2015: SP-500 EOD Update
Posted by pugsma on July 7, 2015
6:30 pm EST: The key 2046 pivot area held during today’s sell-off (2044) and produced the largest intra-day reversal since the year 2011.
The primary count is that major [3] of PA-C2 down is underway from the major [2] high of 2130 with the major [3] target at [3]=2.62*[1] = 1964 target. Within wave major [3], minor 1 bottomed at 2056. The minor 2 now looks to be playing out as an expanded flat that should target the 50%/62% retrace area of 2093/2102. Today wave (b) of minor 2 hit 2044 and wave (c) is underway to a wave (c)=1.62(a) =2091 target. Once minor 2 is complete, minor 3 of major [3] should head to the 1956 pivot area, where mirror 3 = 1.62*minor 1 = 1973. 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 minor 2 of major [3] below the major [2]-P5-C1 high of 2130.
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 today at 2044, 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 2082 and the minor C to 2158, where C=A. Basis a major [4] low of 2044, the Ending Diagonal (ED) maximum is 2044 + (2134-1981) = 2198 (as for an ED wave [5] < [3] < [1]). The alternate (blue) remains valid for major [4] above the major [2] low of 1981.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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