May 31st, 2016: SP-500 EOD Update
Posted by pugsma on May 31, 2016
5:15 pm EST: Today the SP-500 reached 2103, just short of the critical 2111 level that is the wave count inflection point.
The primary (red) count is that wave (2) of minor 1 of major -PC-C2 completed at 2103 as an expanded flat wave. Wave (3) of minor 1 should now be underway headed for the (3)=1.62*(1) target of 1986. Wave minor 1 should reach the 1956 pivot area. 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 (i.e. Initial Target of P5=0.5*P1=2162) and complete within the next month. The move up off 1812 completed major  at 1947, major  at 1891, major  at 2111 and major  ended at 2026. Basis 2026 as the a major  low, the major = target is 2161 for the completion of P5-C1. Within major , the minor 1 wave completed at 2103. Minor 2 should correct 38%/50% to 2074/2065, before wave minor 3 breaks out to a new ATH (All-Time High). The alternate (blue) count remains valid for minor 2 above major  low of 2026.
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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