May 13th, 2016: SP-500 EOD Update
Posted by pugsma on May 13, 2016
4:35 pm EST: Today the SP-500 price dropped to 2043 came close to breaking down below the critical 2034 level. The SP-500 price has entered a potential dangerous (primary red count) or explosive (alternate blue count) area of both wave counts. This set-up is a wave (3) move by either count that should be nearly +/- 100 points (+/- 5%). Key near term levels to break are 2039 down (primary) and 2084 up (alternate).
The primary (red) count is that wave (1) of minor 1 of major -PC-C2 completed at 2039 and that wave minute (2) completed at the 62% Fibonacci retrace of 2085 forming the right shoulder of a head and shoulders top (2111) that measures to 2034 – (2111-2034) = 1957. Wave (3) down is underway with a target at 1967, where (3)=1.62(1) and the minor 1 target is the 1956 pivot. Within wave (3), wave i-(3) completed at 2053 and wave ii-(3) at 2071. Wave iii-(3) is underway headed for target of iii = 2.0*i = 2007 or 2.62*i=1987. The primary (red) count remains valid below 2111.
The alternate (blue) that the minor 2 of major [C]-PB-C2 low is in place at 2039 and the minor 3 wave up is headed for 2162, where minor 3 = 1.62*minor 1. Within minor 3, wave (1) completed at 2085 and wave (2) completed near the 88% retrace of 2044. Wave (3) of minor 3 should now move higher to the (3)=2.0*(1) target of 2135. Ultimately PB-C2 should reach the [C]=0.62[A] =2198 to PB=1.23*PA = 2210 target area. The alternate (blue) count remains valid above 2034.
Enjoy the weekend and have a good early part of next week !!!
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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