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February 3rd, 2016: SP-500 Mid-day/EOD Update

Posted by pugsma on February 3, 2016

12:10 pm EST:  Added the updated 15-min, 4-hr and daily charts.

11:15 am EST:  Here is a quick update of the 60-min chart showing the two wave counts.

The primary (red) count has been changed from a single to a double Zig-Zag (minor W-X-Y) for major [2].    Minor W ended at 1947 as a 135 point move up from 1812 and this move down from 1947 is a minor X-wave that should end around the 62% retrace of 1863 and the minute (c)=(a) target of 1864.  Today’s low of 1872 could be end of the X-wave or it could test the 1863 area later today.   Once the minor X wave completes the minor Y=W target is at 1999/2007, which is the 62% retrace for major [2].

The alternate (blue) count remains the same with the minute (2) of minor 5 of major [1] complete at 1914 early today and the minute (3) wave underway that should reach the 1812 area, where (3)=2.0(1).  The major [1] low should coming between the 1814 and 1775 pivots.

SP-500 15-min chart (12:00 pm EST):

PUG SP-500 15-min MD 2-3-16

SP-500 60-min chart (11:00 am EST):

PUG SP-500 60-min MD 2-3-16

SP-500 4-hr chart (12:00 pm EST):

PUG SP-500 4-hr MD 2-3-16

SP-500 daily chart (12:00 pm EST):

PUG SP-500 daily MD 2-3-16

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