February 11th, 2016: SP-500 EOD Update
Posted by pugsma on February 11, 2016
5:00 pm EST: The SP-500 closed below the key 1849 pivot support for the first time in 2 years.
The primary (red) wave count is that minor 1 of major -PC-C2 completed today at 1810 or will need some push lower to near the 1775 pivot in the next few days (blue labels). Assuming minor 1 did end today at 1810, then the minor 2 retrace targets are the 50%/62% Fibonacci levels of 1879/1895. Once minor 2 completes minor 3 of major  will target the 1678 pivot area where minor 3 = 1.62*minor 1. The major  = target is at 1643. PC-C2 should complete at the 1575 pivot. The primary (red) count remains valid for minor 2 of major  below 1947.
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.
Have a wonderful Holiday Weekend !
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
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