December 16th, 2015: SP-500 EOD Update
Posted by pugsma on December 16, 2015
4:00 pm EST: The SP-500 price is pushing into the 2079 to 2094 pivot area that has been a tough resistance band capping SPX moves higher since May 2015.
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. Within PC, the major [1] wave is underway headed for the 1884/1905 pivot area. This first minor 1 of major [1] wave completed at the 2019 pivot. The minor 2 of major [1] wave ended at the 88% Fib retrace of 2104. Wave minor 3 is underway to 1910, where minor 3 = 2.0*minor 1. Within minor 3, wave minute (1) ended at 1993 and wave (2) is now retracing 78%/88% to 2078/2091. Once wave (2) completes, wave (3) of minor 3 will drop below 1993, to a target of (3)=1.38(1) at 1938. The red count remains valid as long as the wave (2) of minor 3 remains below minor 2 high of 2104.
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 1872 from September. The final P5 target is at either the P5=0.50*P1 at 2224 or P5=0.62*P1 at 2308. Within P5, the major [1] completed at 2116 and now major [2] completed as a minor A-B-C Zig-Zag that should retraced 50% to 1993. Major [3] wave is underway that will reach at least the [3]=[1] level of 2237. Within major [3], the minor 1 wave looks to be headed for a 2094 target before a minor 2 retrace of 50%/62% to 2044/2032. The blue count remains valid as long the minor 2 of major [3] wave remains above the major [2] low of 1993.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
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