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July 20th, 2015: SP-500 EOD Update

Posted by pugsma on July 20, 2015

5:35 pm EST:  The SP-500 price has reached the 2135 pivot resistance area, which is the first target area for both wave counts.

The primary count is that the Primary 5 (P5) of Cycle 1 (C1) Ending Diagonal (ED) is extending from the recent major [4]-P5-C1 low of 2044.   The final wave up for major [5]-P5 is underway and should unfold at a 3-wave, minor A-B-C.  I’m looking for minor A to reach the 2135 pivot before a minor 50% retrace to about the 2094 pivot.  Minor C should then complete major [5]-P5-C1 near the P5 = 0.5*P1 target of 2172.  Note: the ending diagonal maximum (i.e. wave [5] < [3] < [1]) for this primary wave count is at 2044 + (2135-1981) = 2198.  Above 2198, the alternate (blue) count is confirmed.

The alternate (blue) count is that P4-C1 played out as shallow flat over the past 4-months.  P4-C1 ended at 2044 and P5-C1 is now underway that should reach at least the P5 = 0.5*P1 target of 2374 and could reach much higher to P5 = 0.62*P1 = 2481 or P5 = 2749 over the next year.   Major [1]-P5 should reach the 2135 pivot before a major [2]-P5 retrace of 50% to the 2094 pivot.  Within major [1], minor 1 reached 2084, minor 2 retraced almost all of minor 1 to 2045 and minor 3 reached 2129 just above the minor 3 = 2.00*minor 1 target of 2124.   Minor 4 likely completed at 2119 and now minor 5 of major [1] should complete around the 2135 pivot area.

Both the primary and alternate (blue) counts remain valid above the recent 2044 low.  It would take a break of the 2046 pivot area to likely confirm the Cycle 1 (C1) top is in place and the Cycle 2 (C2) correction is underway.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 7-20-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 7-20-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 7-20-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 7-20-15

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