June 20th, 2016: SP-500 EOD Update
Posted by pugsma on June 20, 2016
5:15 pm EST: Today the SP-500 gapped up from 2071 and surged to 2101 before closing at 2083.
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 2050. 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. Within the minor 3, minute (1) completed at 2080, minute (2) at 2063 and now minute (3) is headed for 2142 target, where (3)=2.62*(1). Within minute (3), wave i-(3) completed at 2101 and wave ii-(3) has retraced about 50% to 2083. Wave iii-(3) up should be underway. 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 2050.
The alternate (blue) wave count is that wave minor 1 of major [5]-P5-C1 completed at 2121 and wave minor 2 completed at the 78% Fib retrace of 2050. 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 2050.
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 was minor A of major [2] and now the bounce to 2101 was near the 78% retrace of 2106 for the minor B wave. The minor C wave is underway and should target C=A=2030 or C=1.62*A = 1986. 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 below 2121.
Note: The key levels to watch are 2050 to the downside and 2121 to the upside. Once one of those levels break the wave count should become clear.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.