May 5th, 2016: SP-500 EOD Update
Posted by pugsma on May 5, 2016
4:15 pm EST: It’s a key time now at the 2046 pivot support as large move (+/- 100 points) is due in the either direction: primary count down or alternate count up.
The primary (red) count is that wave (3) of minor 1 of major -PC-C2 is underway with target of 2011, where (3) = 2.62*(1). Within wave (3), wave i-(3) completed at 2053 and wave ii-(3) retraced 62% to 2083. Wave iii-(3) down is now underway, with a target at 2017, where iii=1.62*i. The minor 1 wave should reach the 1991/1956 pivot area over the next week or two. The primary (red) count is valid below the wave (2) of minor 1 high at 2100.
The alternate (blue) count is that wave minor 2 of major [C]-PB-C2 is complete at the 88% retrace of 2046. The minor 3 of major [C] wave will make a new All-Time High (ATH) above 2135. Minor 3 = 1.62*minor 1 = 2171. The PB target is at 2210, where PB=1.23*PA, for the C2 wave expanded flat. The alternate (blue) count remains valid above the major [B]-PB low at 2034.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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