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October 6th, 2015: SP-500 EOD Update

Posted by pugsma on October 6, 2015

5:30 pm EST:   Today the SP-500 price hit the 1991 pivot resistance and then backed off to touch 1972 before closing at 1980.

The blue count is that PB-C2 is playing out as a major [A]-[B]-[C], 3-3-5 wave structure Flat wave, that will once again test the 2019 to 2046 pivot resistance, where the PA-C2 break-down occurred in August.   Once PB-C2 completes, the largest Cycle 2 (C2) wave Primary (PC) will drop much lower than 1867 into next year.   Within PB, the 5-wave structure major [C] wave is underway off the recent 1872 low.   Within major [C], wave minor 1 completed at 1927, wave minor 2 was a 62% Fib retrace to 1894. and minor 3 completed at 1992 near the  minor 3 = 1.62*minor 1 target.  Now minor 4 is underway to the 23%/38% Fib retrace of 1969/1955 to be followed by a minor 5 = minor 1 move to 2024.  The major [C]=[A] target is 2026 to complete the PB Flat and also the 62% retrace target for PB is at 2033.  Thus, there is a confluence of PB target in the 2019 to 2046 pivot resistance band.

The red count is that major [1]-PC-C2 completed at 1872 and the major [2] counter-trend rally ended at 1992, which is in the 78%/88% Fibonacci retrace zone of 1988/2003.  Note that major [2] must remain below 2021 in order for the red count to remain valid.  Once major [2] completes, there will be a very large major [3]-PC wave lower toward a target of 1602, where major [3] = 2.62*[1].   Ultimately Primary C (PC) of Cycle 2 (C2) should reach the May 2000 and October 2007 highs (support) near 1555 to 1575.   Also notice the large Head & Shoulders (H&S) pattern on the daily chart with Head at 2135, Neckline at 1844, and target of 1844 – (2135 – 1844) = 1553.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 10-6-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 10-6-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 10-6-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 10-6-15

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