July 23rd, 2015: SP-500 EOD Update
Posted by pugsma on July 23, 2015
12:50 pm EST: The primary (white) 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. Wave minor A reached the 2135 pivot and now we are seeing a minor B wave 50% retrace to the 2094 pivot area. Once minor B completes, 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 reached the 2135 pivot and now we are seeing a major [2]-P5 retrace of 50% to the 2094 pivot area. Once minor [2] completes, major [3] should target 2272, where major [3]=1.62*[1].
Both the primary and alternate (blue) counts remain valid above the recent 2044 low. It will take a break of the 2046 pivot area to confirm the Cycle 1 (C1) top is in place [see the alternate (red) label at 2135 May high] and the Cycle 2 (C2) correction is underway.
Have a wonderful weekend !
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
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