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February 16th, 2016: SP-500 Mid-day/EOD Update

Posted by pugsma on February 16, 2016

11:10 am EST:  The primary (red) wave count is that minor 1 of major [3]-PC-C2 completed at 1810 and the minor 2 bounce is underway and nearly complete.   The Minor 2 wave should reach the 1884/1905 pivot and the 62%/78% Fibonacci levels of 1895/1917.  Once minor 2 completes minor 3 of major [3] will target the 1678 pivot area where minor 3 = 1.62*minor 1.   The major [3] =[1] target is at 1643.   PC-C2 should complete at the 1575 pivot.  The primary (red) count remains valid for minor 2 of major [3] 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, sloping Neckline at 1820/1867 and Price Target of 1500-1600.  Also note that on the daily chart that this minor bounce to the 1884/1905 pivot area is back-testing the head and shoulders topping pattern neckline breakdown.

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

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

SP-500 4-hr chart (EOD):

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

SP-500 daily chart (EOD):

PUG SP-500 Daily MD 2-16-16

SP-500 weekly chart (EOD):

PUG SP-500 Weekly MD 2-16-16

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