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September 9th, 2015: SP-500 Mid-day Update

Posted by pugsma on September 9, 2015

1:00 pm EST:  The SP-500 price tested the 1991 pivot resistance in early trade and then backed off to 1968.  Above 1947, the primary count is looking for a move up to 2033-2044.  Below 1947, the alternate counts are looking for a move below 1867.

The primary (white/green) count has the major [B]-PB-C2 triangle break-out confirmed on the move above 1975.   The triangle measured move target is 1947 + (1993-1903) = 2037 for the major [C]-PB wave.  Within major [C], the move up from 1947 to 1989 was minor 1 and the move down to 1968 was a 50% retrace for minor 2 (Note a break below 1947 during the minor 2 wave would invalidate the primary count.)   Assuming minor 2 completed at 1968, then the minor 3 wave is underway with a Fibonacci extension target of 1.62*minor 1 = 2036.  Note that the 62% retrace target of PA-C2 for PB-C2 is at 2033 and there is a gap to fill at 2034-2036 on the break down for the 2046 pivot.

The alternate (blue) 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] flat wave.   Within major [4], the minor A wave reached 1993, minor B dropped to 1911 and the minor C wave hit 1989 so far.  Once the major [4] flat completes there will be a major [5] wave drop to a new low below 1867 with a major [5] = 1.62*[1] target of 1842.  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.   The alternate (blue) count major [4]-PA flat wave should end at the 1991 pivot (1984-1998) resistance.  A move above 1991 pivot would likely mean the primary count is correct.

The very bearish alternate (red) count the has PB-C2 wave completing as flat at the 50% retrace target of 2001.  From this PB-C2 completion near 1989, the PC-C2 Fibonacci extension targets are PC = PA = 1721, PC = 1.23*PA = 1659, and PC = 1.62*PA = 1555 (most likely as it re-test the year 2007 high).  The alternate (red) count PB-C2 flat wave should end at the 1991 pivot (1984-1998) resistance.  A move above 1991 pivot would likely mean the primary count is correct.

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

PUG SP-500 15-min chart MD 9-9-15

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

PUG SP-500 60-min chart MD 9-9-15

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

PUG SP-500 4-hr chart MD 9-9-15

SP-500 daily chart (mid-day):

PUG SP-500 daily chart MD 9-9-15

SP-500 weekly chart (mid-day):

PUG SP-500 weeky chart MD 9-9-15

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