February 9th, 2016: SP-500 EOD Update
Posted by pugsma on February 9, 2016
4:15 pm 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 -PC-C2 ended near the 50% Fib retrace of 1947 as a single Zig-Zag. The major  wave is underway with an initial target of 1643, where =. Within major , wave minor 1 is target 1797 before a bounce of 50%/62% retrace to 1872/1890 for minor 2. Once minor 2 completes, the strongest wave down, minor 3 of major  will begin. The primary (red) count remains valid for the minute (4) of minor 1 wave ending today at 1868, below the wave (1) low of 1872 which is also the 15-min chart head and shoulders neckline. Break above 1872 and the alternate (blue) is likely the path forward.
The alternate (blue) count is that major -PC-C2 is still ongoing and is targeting the 50% Fib retrace of 1964 to complete at a 3-3-5 flat wave. The move up from the major  low of 1812 to 1947 was only minor A of major . The more recent move down to 1828 wave minor B of major . Now the minor C wave of major  up is underway with a target of C=A = 1963. The alternate (blue) count remains valid above 1828.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):