November 23rd, 2015: SP-500 EOD Update
Posted by pugsma on November 23, 2015
5:10 pm EST: So far the waves down have not been impulsive since the 2097 high. The $NYMO is at the zero line and threatening to confirm an IT impulsive move higher on a close above +20. The SP-500 daily MACD is nearing a bull cross, the 200-day SMA has turned back up at 2066, and the 2079 pivot support is holding thus far. All of this favors the alternate (blue) count playing up to a new high above 2135 going into the end of the year. The SP-500 weekly MACD has also crossed the above the zero line and is pointing up at a 45 degree angle, which is IT bullish. On the daily chart there is Cup & Handle (C&H) pattern with a measured move target of 2116 – (2116-2019) = 2213. A break above 2116 will confirm the move up to 2213.
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 -PC wave completed at the 2019 pivot. The minor 2 bounce looks to have concluded at the 78% Fib retrace of 2095. Wave minor 3 should now drop below 1991 pivot to the 1926/1905 pivot area, where minor 3 = 1.62*minor 1. The first minute wave (1) of minor 3 should reach the 2046 pivot area next week (see 15/60-min charts details). 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 coming of the Primary 4 (P4) low of 1867 from August. The 2116 level was the major -P5 high and the drop from 2116 to 2019 is a typical 38% retrace (2023) for the major -P5 wave. Wave major  is underway from 2019 and should reach at least to the = target 2145. There is also a double bottom target of 2170 and P5=0.5*P1 target at 2219. Within major  there should be 5 minor waves higher. Minor 1 of major  looks to have completed at 2067 and the wave 2 retrace of near 50% ended at 2046. Wave minor 3 is underway and should make a new high above 2135, where minor 3 = 2.62*minor 1 at 2169. Within minor 3, wave (1) completed at 2097, wave (2) may have completed to at 2081, where c=a and now wave (3) of minor 3 is under head to a (3)=1.62(1) target of 2164 (see details on the 15/60-min charts). The blue count remains valid above the major  low of 2019.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chat (EOD):
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