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November 16th, 2015: SP-500 EOD Update

Posted by pugsma on November 16, 2015

5:45 pm EST:   The SP-500 price turned right where it had to in order to keep the alternate (blue) count alive.    Today’s low of 2019 hit the 2019 pivot which was just below the typical maximum wave major [4] retrace target of 2023.  The $NYMO and VIX , SPX Buy triggers that were pulled on Friday at the close, were confirmed today at the close with both the $NYMO and VIX closing back inside their respective BB’s.

http://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p58235470825&a=269536931&r=1447670151849&cmd=print

The primary (red) count is that Primary B (PB) of Cycle 2 (C2) wave topped at 2116 and has begun the Primary C (PC) of Cycle 2 (C2) wave headed to the 1575 target area.   This first minor 1 of major [1]-PC wave completed today at the 2019 pivot.   The minor 2 bounce is underway that should retrace 50%/62% to 2068/2079 before wave minor 3 drops below 1991 pivot to the 1926/1905 pivot area.   The red count remains valid as long this minor 2 wave bounce remains below 2116.

The alternate (blue) count is that Primary 5 (P5) of Cycle 1 (C1) has one more push up above the 2135 level.   The 2116 level was the major [3]-P5 high and the drop from 2116 to 2019 is a typical 38% retrace (2023) for the major [4]-P5 wave.  Wave major [5] is underway from 2019 and should reach at least to the [5]=[1] target 2145.  There is also a double bottom target of 2170 and P5=0.5*P1 target at 2219.   Within major [5] there should be 5 minor waves higher.  Minor 1 of major [5] looks to be headed for the 2079 pivot area (see details on the 15-min chart).  The blue count remains valid above the major [4] low of 2019.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 11-16-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 11-16-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 11-16-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 11-16-15

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