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July 29th, 2015: SP-500 Mid-day/EOD Update

Posted by pugsma on July 29, 2015

1:15 pm EST:   The SP-500 is likely on the cusp of the biggest decline since Sept/Oct 2008.  Primary 5 of Cycle 1 (P5-C1) likely topped at 2135 in May, as original forecast and the Cycle 2 (C2) correction back down to the Oct 2007 high of 1576 is underway.  Time to focus on the big picture daily, weekly and monthly charts.

The primary (white/green) count is that wave major [3]-PA-C2 is underway with minor 1 of major [3] complete at 2063 (as a leading diagonal).   The minor 2 bounce to a 62%/78% retrace of 2107/2118 is underway.   Once minor 2 ends, then minor 3 of major [3] will head 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 1889 (78% retrace of the P5-C1 Ending Diagonal).  The primary count remains valid for minor 2 wave below 2133.

The alternate (blue) 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 we just completed a minor B retrace of 78% 2063.  Minor C is now underway and should 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.  The 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 per the primary count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 7-29-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 7-29-15

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

PUG SP-500 4-hr EOD 7-29-15

SP-500 daily chart (mid-day):

PUG SP-500 daily MD 7-29-15

SP-500 weekly chart (mid-day):

PUG SP-500 weekly MD 7-29-15

SP-500 monthly chart (mid-day):

PUG SP-500 monthly MD 7-29-15

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