February 8th, 2016: SP-500 Mid-day/EOD Update
Posted by pugsma on February 8, 2016
11:25 am EST: It’s all a matter now of whether the SP-500 price takes the elevator (red count) or stairs (blue count) to the Cycle 2 (C2) price target of 1500-1600 that I’ve been calling for since the May 2015 Cycle 1 (C1) top.
The primary (red) count is that major [2]-PC-C2 ended near the 50% Fib retrace of 1947 as a single Zig-Zag. The major [3] wave is underway with an initial target of 1643, where [3]=[1]. Within major [1], wave minor 1 is target 1797 before a bounce of 50% retrace to 1872 for minor 2. Once minor 2 completes, the strongest wave down, minor 3 of major [3] will begin.
The alternate (blue) count is that major [1]-PC-C2 is targeting the 1797 area before a major [2] 50% Fib retrace to 1956.
SP-500 15-min chart (mid-day):
SP-500 60-min chart (mid-day):
SP-500 4-hr chart (mid-day):
SP-500 daily chart (mid-day):
SP-500 Weekly:
SP-500 Monthly:
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