June 16th, 2016: SP-500 EOD Update
Posted by pugsma on June 16, 2016
3:20 pm EST: Updated 15-min and 60-min charts below.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
12:00 pm EST: The primary (green) wave count is that wave minor 1 of major [5]-P5-C1 peaked at 2121 and wave minor 2 retraced 78% to 2047. The minor 3 of major [5] wave should be underway and will make a new ATH above 2135. Basis minor 2 at 2050, minor 3=1 at 2145. The major [5]=[1] 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 2026.
The alternate (blue) wave count is that wave minor 1 of major [5]-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 [1]-P5-C1 peaked at 2121. The major [2] correction is underway that should retrace 38%/50% to 2003/1966 over the next couple of weeks. The drop from 2121 to 2050 could have been minor A of major [2] and now the bounce to the 50%/62% retrace 2086/2094 is minor B. Once B is complete minor C could target C=A=2015 or C=1.62*A = 1971. Once major [2] completes, major [3] should head much higher above 2400 to a target of major [3]=1.62[1] = 2470 (basis major [2] = 1966). The P5=P1 target is at 2513. The second alternate (pink) wave count remains valid above the P4 low at 1810.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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