February 10th, 2016: SP-500 Mid-day/EOD Update
Posted by pugsma on February 10, 2016
11:40 am EST: 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 ended at 1828 and the bounce for minor 2 is underway to the 50%/62% Fib retrace to 1888/1902. Once minor 2 completes, the strongest wave down, minor 3 of major [3] will begin. The target for minor 3 is the 1.62*minor 1 extension near the 1700, as shown the daily chart. The primary (red) count remains valid for the minor 2 wave below the major [2] high of 1947.
The alternate (blue) count is that major [2]-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 [1] low of 1812 to 1947 was only minor A of major [2]. The more recent move down to 1828 wave minor B of major [2]. Now the minor C wave of major [2] up is underway with a target of C=A = 1963. The alternate (blue) count remains valid above 1828.
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):
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