February 2nd, 2016: SP-500 EOD Update
Posted by pugsma on February 2, 2016
3:00 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 62%/78% to the 2000/2049 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 1991/2019/2046 pivot area to complete major . There is a C=1.38A target at 2007 and C=1.62A target at 2030. The completion of minor C of major  will be complete on breach of the wave 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.
The alternate (blue) count is that major -PC-C2 completed the minor 4 of major  wave at 1947 as a Zig-Zag just above of the 38% retrace of 1922. Now the minor 5 wave needs to make one more low below 1812 to complete minor 5 of major  at the 1775 pivot. A break below the 1873 pivot would confirm the alternate (blue) count headed below 1812.
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 2000/2049 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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