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January 19th, 2016: SP-500 EOD Update

Posted by pugsma on January 19, 2016

4:40 pm EST:  Nothing changed today with the SPX price closing within 1 point of Friday’s close at 1980.   The primary (red) count continues to look for major [1]-PC-C2 low in the 1849/1814 pivot area.  However, there is a risk that the major [3]-PC wave down toward SPX 1600 is already underway.  More on that if the 1849/1814 support fails.

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 pivot target area.   Within PC, the major [1] wave is nearing completion at the 1884/1849 pivot area.   The low of 1858 may have set the major [1] low or there could one more drop to the 1849/1814 pivot area as minor 5 of major [1] sub-divides into minute waves (1) 1958, (2) 1901, and now (3) and (5) down below 1858.  Once major [1] completes there should be a significant major [2] retrace of 50%/62% to the 1983/2015 area before the major [3] wave down begins a massive sell-off toward the PC-C2 target of 1575.  The primary (red) count remains valid below the Primary B (PB) high of 2116.

The alternate (blue) count is a large P4-C1 flat wave with major [A] complete at 1867, major [B] complete at 2116 and now the major [C] wave down is complete at 1858 or will need to drop a little more to where [C]=[A]=1848.  Once P4 completes, there should be impulse P5 wave to the final Cycle 1 (C1) top, with a target at  P5=0.62*P1 = 2284.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-19-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-19-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-19-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-19-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 1-19-16

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