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April 21st, 2016: SP-500 EOD Update

Posted by pugsma on April 21, 2016

5:30 pm EST:   The move above 2075 to 2011 set-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 terminated at 2111, just below the 2116 invalidation point.  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.  The first minor 1 wave of major [3] should break below 2034 and target the 1956 pivot area.  The minute (1) of minor 1 wave will likely reach at least the 2079 pivot area.  The primary (red) count remains valid below 2116.

Alternately for the (blue) count, a move above 2116 will invalidate the primary (red) wave count indicating 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.  Within the PB-C2 wave major [A] completed at 2075, major [B] at 2034 and now major [C] is underway that should reach the [C] = 0.62*[A] target of 2198.   Within major [C] wave minor 1 completed at 2111.  Next there should be a minor 2 retrace of 50%/62% back to the 2073/2053 area, before the minor 3 wave moves to a new ATH (All-Time High) above 2135.  The alternate (blue) count remains valid above 2034.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 4-21-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 4-21-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 4-21-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 4-21-16

 

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