January 22nd, 2016: SP-500 EOD Update
Posted by pugsma on January 23, 2016
1-23-16, 12:35 pm EST: Here’s a quick update of the charts from the close on Friday, 1-22-24.
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 completed at the 1812 at the 1814 pivot area. The major [2] wave Fibonacci retrace of 50%/62% to the 1964/2000 area is underway. Major [2] in simplest form will be a minor A-B-C Zig-Zag. The first 5-wave minute degree move for minor A should reach the 1905/1926 pivot area before a 50% retrace to the 1849 pivot area for minor B and finally another 5-wave move for minor C to the 1991 pivot area to complete major [2]. Once major [2] completes, the major [3] wave down begins a massive sell-off toward the PC-C2 target of 1575/1401. The primary (red) count remains valid as long as the major [2] wave remains below the PB-C2 high of 2116.
The 1st alternate (blue) count is that major [1]-PC-C2 is just completing the minor 4 wave and still needs one more low below 1812 to complete minor 5 of major [1] at the 1775 pivot. The minor 4 target is at the 38% retrace of 1922.
Note the large, 2 year old, Head and Shoulders Topping Pattern that has formed on the SP-500 daily chart with Head at 2135, Neckline at 1820 and Price Target of 1820 – (2135-1820) = 1505. The major [2]-PC bounce to 1964/2000 should form the 2nd Right Shoulder (RS2) to match LS2 at 2013 from August 2014.
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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