May 23rd, 2016: SP-500 EOD Update
Posted by pugsma on May 23, 2016
5:20 pm EST: The primary (red) count is that wave (1) of minor 1 of major -PC-C2 completed at 2039 and that wave minute (2) of minor 1 is forming an expanded flat wave that should retrace 62%/78% to 2079/2092 forming the right shoulder of a head and shoulders top (2111) that measures to 2034 – (2111-2034) = 1957 for the completion of minor 1 of major . The primary (red) count remains valid for wave (2) below 2111.
The new alternate (blue) count is that Cycle 1 of Super Cycle V (C1-SCV) is on its last gasp to a marginal new All-Time High (ATH). For this wave count, P4-C1 completed in February 2016 at 1812 and the final P5-C1 wave up has been underway ever since then. P5 waves are typically quite weak and short in duration, so I’d expect P5-C1 to only slightly exceed 2135 (P5=0.5*P1=2162) and complete in the next month. The move up off 1812 completed major  at 1947, major  at 1891 and major  at 2111. The major  correction has been underway since the 2111 peak. A typical major  wave retraces to 38% Fibonacci level, which was hit at the 2026 low. Basis 2026 as the a major  low, the major = target is 2161 for the completion of P5-C1. Within major , the minor 1 wave is underway and it should target the 2100 area. The alternate (blue) count remains valid for major  above major  at 1947.
SP-500 15-min chart (EOD):
SP-5000 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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