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December 28th, 2015: SP-500 EOD Update

Posted by pugsma on December 28, 2015

6:30 pm EST:  The SP-500 price continues hang around the 2046 pivot infection point.   The two opposed wave counts are looking for an immediate impulsive move: red count down and blue count up.   The SP-500 has gone no where for a full year, as 2014 closed at 2059 and today the SP-500 closed at 2056.  A resolution to this market condition should be forthcoming.  The SP-500 daily chart is beginning to turn positive again with the first MACD bull-cross since early October and the Golden Cross of the 50-day SMA (2065) above the 200-day SMA (2061).   Thus, the blue count is gaining probability here.  The red count requires and near immediate break-down below the 1991 pivot or else the blue count is likely to take over into early year 2016.

The 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) retraced 78% to 2077.   Wave (3) of minor 3 is underway and should drop below 1993, to a target of (3)=1.23(1) at 1940.  Wave i-(3) reached 2005 and now wave ii-(3) is retracing 88% to 2067.  Wave iii-(3) should now be underway headed for 1950, where iii=1.62*i.  The red count remains valid below the minute (2) of minor 3 high of 2077.

The 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 completed at 2077 and a minor 2 wave retraced 88% to 2005.  Wave minor 3 of major [3] is underway headed for 2225, where minor 3 = 2.62*minor 1.  The first minute wave (1) of minor 3 ended at 2067 and now a wave (2) retraced 8% to 2043 thus far.  Wave (2) could be over or will need a deeper retrace of 50%/62% to 2036/2029.  Once wave (2) complete wave (3) of minor 3 will move towards 2200, where (3) = 2.62*(1).  The blue count remains valid as long the minor 2 of major [3] wave remains above the major [2] low of 1993.

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Happy Holidays !!!  Best Wishes on a Fantastic New Year in 2016 !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 12-28-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 12-28-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 12-28-15

SP-500 chart (EOD):

PUG SP-500 daily EOD 12-28-15

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