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December 4th, 2015: SP-500 EOD Update

Posted by pugsma on December 4, 2015

3:40 pm EST:  Today’s SPX price action is ultra-bullish as it took only 1 day to recover what was lost in 2-days.   Key levels to watch for the wave count confirmation remain 2019 red down and 2116 blue up.   However, an early indication of the correct wave count can now be narrowed to the 2042 to 2104 range.

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 at the 2019 pivot.   The minor 2 of major [1] wave ended at the 88% Fib of 2104.  Wave minor 3 is underway and should drop below the 2019 pivot to the 1926/1905 pivot area, where minor 3 = 2.62*minor 1.   Within minor 3, wave (1) completed today at 2042 and wave (2) has retraced 88% 2097  The red count remains valid as long as the minor 2 of major [1] wave remains below the PB high of 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 [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 double bottom target of 2170 or the P5=0.5*P1 target at 2219.   Within major [5] there should be 5 minor waves higher.  Minor 1 of major [5] completed at 2097 and wave minor 2 took the form of an expanded flat wave that either completed today at 2042.   The minor 3 wave is underway and should new all-time high above 2135, where minor 3 = 1.62*minor 1 at 2168.  The blue count remains valid as long as the minor 2 of major [5] wave remains above the major [4] low of 2019.

I’m off to enjoy a concert in Chicago tonight featuring the Wombats and Bastille.  Have a great weekend!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 12-4-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 12-4-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 12-4-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 12-4-15

SP-500 weekly chart (EOD):

PUG SP-500 weeky EOD 12-4-15

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