January 8th, 2016: SP-500 Mid-day/EOD Update
Posted by pugsma on January 8, 2016
January 9th, 2016, 1:00 pm EST: Here are the updated charts, including the LT weekly and monthly charts, as of the close Jan 8th.
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):
SP-500 monthly chart (EOD):
12:10 pm EST: The SP-500 has entered into the bottoming zone for both wave count in the 1926 pivot to 1884 pivot area. The SPX vs NYMO vs VIX Bollinger Band chart has triggered a step 1 SPX Buy signal for both the SPX and VIX. The NYMO is also setting up a potential large +Div with the mid-December SPX 1993 low.
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) retraced 88% to 2082. Wave (3) of minor 3 completed at 1939, where (3)=1.38(1) at 1943. Wave (4) of minor 3 bounced 23% to 1960, so far. The drop to 1933 this morning could have complete minor 3 of it may need to explore down to the 1910 target. There should be minor 4 consolidation and then a final minor 5 of major [1] low above the 1884 pivot. The primary red count remains valid below the Primary B (PB) high of 2116.
The altenate 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] is completing as a minor W-X-Y Double Zig-Zag that should retrace 78%/88% to 1925/1901. The alternate blue count remains valid as long the major [2] wave remains above the Primary 4 (P4) of 1872.
Finally there is a large P4-C1 triangle variant of the alternate blue count that would be in a major [C] wave down to the 1905 pivot, then a major [D] wave up to the 2079 pivot and a final major [E] wave down to the 1956/12926 pivot to complete P4-C1. Should the 1956 pivot break, then this P4-C1 triangle count is the preferred alternate blue count.
Have a great weekend !
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=66d2aa5f-459f-41d6-8ee5-b62e4c7befc6
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
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