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August 24th, 2015: SP-500 EOD Update

Posted by pugsma on August 24, 2015

5:25 pm EST:  The SP-500 broke through the first PA-C2 and P4-C1 target area of 1940 to 1951 and traded down to the second target area around the 1884 pivot.  A key low should be in place very soon above just above the 1820 October 2014 low.

The primary (white/green) count is now looking for Primary A (PA) of Cycle 2 (C2) low in the 1849 pivot area (78%/88% retrace of 1889/1858) in the coming days.  Today’s low at 1867 looks like the end of major [3] of PA, just below the major [3]=2.62[1] target of 1886.  The strong move up from 1867 to 1954 was likely major [4] that ended near the 38% retrace  area of 1968.  Assuming the major [4] ended at 1954 or will form a longer lasting up/down triangle wave, the major [5]=[1] target is 1863 to complete the PA-C2 wave.  After PA completes around 1863/1853 there should be a PB wave bounce to the 62%/78% retrace target of 2032/2075 in the late summer/early fall followed by a much bigger drop for the PC-C2 wave that should reach the 1575 pivot area (i.e. the year 2007 old ATH) in mid-year 2016.

The alternate (blue) has the May 2015 SP-500 ATH high of 2135 labeled at the end of the Primary 3 (P3) of Cycle 1 (C1) wave.  Thus the C1 wave is still on gong and will ultimately make a new All-Time High (ATH) above 2315 in a P5-C1 wave going into the years 2016/2107 (P5 targets are shown on the daily/weekly charts at 2215, 2299 and 2567).   This correction occurring now is a Primary 4 (P4) of C1 wave.  It has either bottomed today at 1867, just below the major [C]=2.62[A]=1886 target, or will need a slightly lower low at 1863 after the minor 4 of major [C] bounce to the 38% retrace 2055.  The alternate (blue) count can theoretically remain valid all the way down to the P1-C1 high of 1371.  However, realistically the P4-C1 wave should hold above the October 2014 low of 1820, which was the major [4]-P3-C1 wave low.   A typical wave 4, 23% retrace for P4-C1 is at 1891, which was exceeded slightly today at 1867.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 8-24-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 8-24-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 8-24-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 8-24-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 8-24-15

SP-500 monthly chart (EOD):

PUG SP-500 monthly EOD 8-24-15

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