June 15th, 2016: SP-500 EOD Update
Posted by pugsma on June 15, 2016
4:20 pm EST: Today the SP-500 rallied to 2086, but failed to close above the critical 2085 level I’ve been mentioning the past 2 days and closed down at 2071.
The primary (green) wave count is that wave minor 1 of major -P5-C1 peaked at 2121 and wave minor 2 retraced 62% to 2064. The minor 3 of major  wave should be underway and will make a new ATH above 2135. Basis minor 2 at 2064, minor 3=1 at 2159. 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 2064.
The alternate (blue) wave count is that wave minor 1 of major -P5-C1 completed at 2121. Wave minor 2 is in the process of completing 78%/88% Fib retrace to 2047/2037. Once wave minor 2 completes, wave minor 3 should target 2201, where minor 3 = 1.62*minor 1. The P5=0.62*P1 target is at 2246. The alternate (blue) count remains valid above 2026.
The second alternate (pink) wave count is that major -P5-C1 peaked at 2121. The major  correction is underway that should retrace 38%/50% to 2003/1966 over the next couple of weeks. The drop from 2121 to 2064 could have been minor A of major  and the bounce to 2086 was minor B. Now minor C is underway and could target C=1.62*A = 1994. Once major  completes, major  should head much higher above 2400 to a target of major =1.62 = 2470 (basis major  = 1966). The P5=P1 target is at 2513. The second alternate (pink) wave count remains valid above the P4 low at 1810.
SP-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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