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August 28th, 2015: SP-500 EOD Update

Posted by pugsma on August 28, 2015

5:40 pm EST:  Quite day in the markets today with the SP-500 price remaining in a tight range between 1975 to 1993 after a tumultuous week that saw the SP-500 drop from last Friday’s 1971 close to 1867 on Mon/Tues and then a furious rally on Wed/Thurs back up to 1990.

The primary (white/green) count found the Primary A (PA) of Cycle 2 (C2) low at 1867.  The SP-500 is experiencing a strong bounce for the Primary B (PB) wave that should reach the 62%/78% retrace target of 2033/2076 into late summer/early fall.   After PB-C2 completes, there should be a much bigger drop for the PC-C2 wave that should reach the 1575 pivot area (i.e. the year 2007 high) into mid-year 2016.  The details for the PB wave are shown on the 15-min and 60-min charts.  It looks like the major [A]-PB wave completed at 1990.  Next there should be a 50% retrace for major [B]-PB wave to the 1926 pivot area followed by a major [C]-PB wave up to the 2046 pivot.  It’s possible the major [B] will form an expanded flat wave (A 1948, B 1993, C 1925) or triangle wave in which case the pull-back low of 1948 may have been minor A of major [B] and there will now be some oscillation between 1948 and 2000 for the minor C-D-E waves to complete major [B] before the major [C] wave moves to the 2033/2044 area for the PB wave completion.   The primary count remains valid for the PB-C2 wave below the May 2015 high of 2135.

The alternate (blue) count has found the Primary 4 (P4) of Cycle 1 (C1) bottom at 1867 and is now in the very early stages of the Primary 5 (P5) of Cycle 1 (C1) wave that will make a new high above 2135 (initial P5-C1 targets are in the 2200-2300 area).   It looks like major [1]-P5 completed today at 1993.   There should be a major [2] wave retrace of 50% to the 1926 pivot area.  Followed by major [3]-P5 bull wave that will target the 2251, where major [3] = 2.62*[1].   Ultimately P5-C1 should reach the P5 = 0.5*P1 = 2219 to P5 = 0.62*P1 = 2299 targets into the year 2016.  The alternate count remains valid above the 1867 low.

Have a wonderful weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 8-28-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 8-28-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 8-28-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 8-28-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 8-28-15

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