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June 13th, 2016: SP-500 EOD Update

Posted by pugsma on June 13, 2016

12:15 pm EST:  Here is a quick look at the updated SPX 15-min and 60-min charts.  I’m looking for the primary (green) wave count to complete minor 2 at the 38% retrace of 2085 and  then head for a new ATH above 2135 for minor 3.  The minor 3 target is at 0.62*minor 1 = 2142.  The P5=0.50*P1 target is 2162 for the completion of Cycle 1 (C1).   For the alternate (blue) count the minor 2 wave should retrace a little deeper the 50%/62% Fib targets of 2073/2061 before minor 3 moves much higher.  The minor 3 = 1.62*minor 1 is at 2224.  The P5=0.62*P1 target is 2246 for the completion of C1.

For both wave counts the SPX must remain above the 2026 major [4]-P5-C1 low to remain valid.

SP-500 15-min chart (mid-day):

PUG SP-500 15-min MD 6-13-16

SP-500 60-min chart (mid-day):

PUG SP-500 60-min MD 6-13-16

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