March 24th, 2016: SP-500 Mid-day/EOD Update
Posted by pugsma on March 24, 2016
10:20 am EST: Major [2]-PC-C2 wave has reached the 78% retrace of 2049 (primary red count) and turned around at 2057, but still could extend to the 2079 to 2084 area (alternate blue count). Potential targets for major [2] are the 78% retrace at 2049, the 88% retrace at 2079 and the double bottom target at 2084. The major [2] wave remains valid below the PB-C2 high of 2116. The SP-500 price will need to break below 1947 and then 1891 to confirm the major [2] top.
Note that the $NYMO closed below the lower BB yesterday and if does so again today then this would be a potential strong SPX buy trigger, which would favor the alternate blue count going into early April.
Have a Happy Easter Weekend !!!
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 chart (mid-day):
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