February 1st, 2016: SP-500 EOD Update
Posted by pugsma on February 1, 2016
3:45 pm EST: 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  wave completed at the 1812 at the 1814 pivot area. The major  wave Fibonacci retrace of 50%/62% to the 1964/2000 area is underway. Major  in simplest form will be a minor A-B-C Zig-Zag. The first 5-wave minute degree move for minor A reached the 1905 pivot area (1909). The minor B wave ended at the 38% retrace (1872) as a flat wave. The Minor C wave is underway as another 5-wave move up to the 1956/1991 pivot area to complete major . There is a C=A target at 1970 and C=1.23A target at 1992. The completion of minor C of major  will be complete on breach of the wave (1) of minor C high of 1903 and confirmed on a breach of the minor B low of 1873. Once major  completes, the major  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  wave remains below the PB-C2 high of 2116.
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 -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):
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