April 14th, 2016: SP-500 EOD Update
Posted by pugsma on April 14, 2016
3:25 pm EST: The move above 2075 is setting up the daily and 4-hr chart MCAD signal for a potential negative divergence that is often a sign of a key IT/LT top. The primary (red) wave count Major [2]-PC-C2 has extended to 2088 and should terminate in the 2094 pivot area. Once major [2]-PC completes, the major [3]-PC wave should be headed down to a level well below 1810. The major [3]=1.62*[1] target is 1579 per the daily and weekly charts below. Ultimately PC-C2 should end in the 1575 pivot area.
Alternately for the (blue) count, a move above 2116 will invalidate the primary (red) wave count indicate that PB-C2 is extending. Note that for this scenario, the entire C2 (Cycle 2) becomes an expanded flat wave (3-3-5) with PA-C2 from 2135 to 1810 and now the PB wave target is 1.23*PA = 2210. Once PB completes near 2200, that puts PC wave target at 1.62*PA = 1684 to complete the C2 wave.
Have a nice 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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