June 7th, 2016: SP-500 EOD Update
Posted by pugsma on June 7, 2016
4:00 pm EST: With the move above 2116 today (2119 high), we have a confirmed on going bull market with Cycle 1 (C1) of Super Cycle V (SC-V) continuing towards P5-C1 Fibonacci extension targets ranging from 2162 to 2246, to 2513 (P5=P1) over the next few months to a year.
The primary (green) wave count is that wave (1) of minor 3 of major -P5-C1 peaked today at 2119. Wave minute (2) should retrace 50%/62% to 2102/2098. Once wave minute (2) completes, wave minute (3) should make a new ATH above 2135. The major = target is at 2161 and the P5=0.5*P1 target is at 2162, which is the minimum for completing this P5-C1 wave up. The primary (green) count remains valid above 2085.
The alternate (blue) wave count is that wave minor 1 of major -P5-C1 completed today 2119. Wave minor 2 should retrace 28%/50% to 2084/2073. Once wave minor 2 completes, wave minor 3 should target 2224, where minor 3 = 1.62*minor 1. The P5=0.62*P1 target is at 2246. The alternate (blue) count remains valid above 2026.
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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