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July 27th, 2015: SP-500 Mid-day/EOD Update

Posted by pugsma on July 27, 2015

12:00 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 78/88%% retrace to the 2063/2055 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 78%/88% to the 2063/2055 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.  For the alternate (red) count wave major [3]-PA-C2 is underway with minor 1 of major [3] targeting the 2063/2052 area.   There should be a minor 2 bounce of a 50% retrace to the 2094 pivot area before minor 3 of major [3] heads below 2000, where major [3]=1.62*[1] at 1986.   Ultimately PA-C2 should reach at least 1954 (62% retrace of the P5-C1 Ending Diagonal) and maybe 1887 (78% retrace of the P5-C1 Ending Diagonal).

SP-500 15-min chart (mid-day):

PUG SP-500 15-min MD 7-27-15

SP-500 60-min chart (mid-day):

PUG SP-500 60-min MD 7-27-15

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr MD 7-27-15

SP-500 daily chart (mid-day):

PUG SP-500 daily MD 7-27-15

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