October 21st, 2015: SP-500 EOD Update
Posted by pugsma on October 21, 2015
6:15 pm EST: The SP-500 price turned exactly where it needed to turn (i.e. the 2046 pivot) for the primary (red) wave count and ow it will take a follow through below the 1991 pivot to help confirm. However, now decisive break above the 2046 pivot will likely confirm the alternate (blue) count. Thus the SP-500 remains at inflection point between the 1991 and 2046 pivots.
The primary (red) count is that PB-C2 played out as a major [A]-[B]-[C], 3-3-5 wave structure Flat wave, that completed at 2039 in the 2046 pivot resistance band. Wave minor 1 of major [1]-PC-C2 is underway and should target the 1956 pivot. Major [1]-PC should target the 1814 pivot and ultimately PC-C2 will back-test the year 2007 top at 1575.
The alternate (blue) count is that PB-C2 will re-test the old 2135 high or slightly above as Cycle 2 (C2) plays out as a flat or expanded flat. For the flat PB=PA at 2135 and for the expanded flat PB=1.23*PA at 2197. Within major [C]-PB, wave minor 1 completed at 2022 and wave minor 2 retraced back to the 1991 pivot. Wave minor 3 of major [C] has been underway since the 1991 minor 2 low, with wave minute (1) of minor 3 complete at 2039. Wave (2) should retrace about 50%/62% to 2015/2009 before wave (3) of minor 3 heads back to near the old high of 2135. Wave (3)=2.0*(1) at 2111 and wave minor 3 = 1 at 2141. A break below 1991 will invalidate the alternate (blue) count.
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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