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May 26th, 2016: SP-500 EOD Update

Posted by pugsma on May 26, 2016

12:30 pm EST:  As expected by both wave counts, the SP-500 price jumped much higher from 2026 to 2095 thus far.  The next wave count decision point is here at the 2094 pivot range.

The primary (red) count is that wave (1) of minor 1 of major [3]-PC-C2 completed at 2039 and that wave minute (2) of minor 1 is forming an expanded flat wave that should retrace 78%/88% to 2092/2101 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 [3].  For wave (2) there is a c=1.62*a target at 2100.  The primary (red) count remains valid for wave (2) below 2111.

The 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 [1] at 1947, major [2] at 1891 and major [3] at 2111.  The major [4] correction has been underway since the 2111 peak.   A typical major [4] wave retraces to 38% Fibonacci level, which was hit at the 2026 low.  Basis 2026 as the a major [4] low, the major [5]=[1] target is 2161 for the completion of P5-C1.   Within major [5], the minor 1 wave is underway and it should target the 2100 area.  After wave minor 1 completes around the 2094 pivot range, there should be a mild 28%/50% correction (2071/2063) for wave minor 2 before wave minor 3 breaks out to a new ATH (All-Time High).   The alternate (blue) count remains valid for minor 2 above major [4] low of 2026.

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 5-26-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 5-26-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 5-26-16

SP-500 daily chart (EOD):

PUG SP-500 daily MD 5-26-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly MD 5-26-16

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