October 15th, 2015: SP-500 EOD Update
Posted by pugsma on October 15, 2015
5:05 pm EST: The SP-500 price broke above 2022 and hit 2024 at the close today.
The primary (red) count is that PB-C2 played out as a major [A]-[B]-[C], 3-3-5 wave structure Flat wave, that should complete in the 2019 pivot to 2046 pivot resistance band. There are a confluence of targets between the major [C]=[A]=2026, 62% retrace at 2033 and the minor 5=1=2046. Once PB-C2 completes between 2024 and 2046, there should be a minor 1 of major [1]-PC-C2 wave move down to the 1956 pivot.
The alternate (blue) count is that PB-C2 will re-test the old 2135 high as Cycle 2 (C2) plays out as a flat or expanded flat. For the PB there is major [C]=1.62[A] target at 2121 and the 88%/100% retrace is at 2103/2135. Within major [C]-PB, wave minor 1 should complete by the 2046 pivot to be followed by the minor 2 wave retrace of 38%/50% to 1980/1959. I’d expect the retracement for minor 2 to be smaller than usual here and hold above the 1953 to 1956 weekly gap. A break below the 1953 to 1956 weekly gap would indicate the primary (red) count is likely playing out, however the alternate (blue) count would remain valid for minor 2 above 1872.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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