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September 8th, 2015: SP-500 EOD Update

Posted by pugsma on September 8, 2015

4:25 pm EST:  Today the SP-500 price rebounded strongly from Friday’s low of 1911 to reached 1970.  A break above 1975 would confirm the primary count move up the 2033-2044 area.

The primary (white/green) count found the Primary A (PA) of Cycle 2 (C2) low at 1867.  The SP-500 is experiencing a bounce for the Primary B (PB) wave that should reach the 62%/78% retrace target of 2033/2076 into mid-to-late September.   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 (see the weekly chart for the big picture view).  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 1993 and a major [B] contracting triangle formed.  For the major [B] triangle, the drop from 1993 to 1903 was minor A of major [B], the move up from 1903 to 1975 was minor B, the drop to 1911 was minor C, today’s initial move up to 1961 was minor D and the pull-back to 1947 was minor E to complete the major [B] triangle.  A move above 1975 would confirm the major [B] triangle is complete.   The triangle measured move target is 1947 + (1993-1903) = 2037 for the major [C]-PB wave that should head for the 2046 pivot.  A break below 1903 invalidate the major [B] triangle can confirm the alternate (blue) count major [5]-PA wave headed for the 1865 to 1849 target.

The alternate (blue) count version of the primary count has the Primary (A) of Cycle 2 (C2) wave still underway with the major [3]-PA low at 1867.  This move up from 1867 has formed a major wave [4] contracting triangle.   Within major [4], the minor A wave reached 1993, minor B dropped to 1903 and the minor C wave hit the 1975 target.   The minor D wave hit 1911 on Friday and today the minor E wave reached 1970 to complete major [4] triangle wave.  Once the major [4] triangle completes there will be a major [5] wave drop to a new low below 1867 with a major [5] = [1] target of 1865.  There is also a 88% retrace of the P5-C1 wave up from 1814 to 2135 at a target of 1857 and 1849 pivot support to complete this PA-C1 wave.  Note that a move above 1975 would invalidate the major [4] triangle and confirm the primary count PC wave headed for the 2033-2044 target.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 9-8-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 9-8-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 9-8-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 9-8-15

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