June 6th, 2016: SP-500 EOD Update
Posted by pugsma on June 6, 2016
3:35 pm EST: With the break above SPX 2111 today, the primary wave count has be replaced with the alternate (blue) count.
The primary (green) 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 1810 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 initial move up off 1810 completed major [1] at 1947, major [2] at 1891, major [3] at 2111 and major [4] ended at 2026. 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 completed at 2103. Minor 2 retraced to 2085 and now minor 3 is underway headed toward a new ATH (All-Time High). Note: on a break below 2085 minor 2 is still underway and likely headed for the 50% retrace at 2070 . The primary (green) count remains valid for minor 2 above major [4] low of 2026.
Note: While the P5=0.5*P1 = 2162 is the minimum target for the completion of C1. There are higher Fibonacci targets at P5=0.62*P1 = 2246 and P5=P1 = 2513. Thus the P5 wave count could extend.
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):
SP-500 monthly chart (EOD):
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