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June 23rd, 2016: SP-500 EOD Update

Posted by pugsma on June 23, 2016

5:15 pm EST:  Today the SP-500 surged ahead 28 points to close at 2113 and the $NYMO closed at +20.   This indicates that the primary (green) and 1st alt (blue) wave counts are very much in favor here needing only break above 2121 to confirm.  The 2nd alt (pink) wave count has reached the 88% Fib retrace at 2113 for the minor B wave and must turn around immediately to remain valid.

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 is underway and should target 2135, where iii=1.38*i.  The  minute (3) wave target is 2142, where (3)=2.62(1) and the minor 3 target is 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 2050.

The alternate (blue) wave count is simply a more bullish intermediate term (IT) version of the primary (green) wave count.   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% to 2003 over the next couple of weeks.  The drop from 2121 to 2050 was minor A of major [2] and now the bounce to 2113 at the 88% fib retrace is the completion of the minor B wave.   The minor C wave down should get underway immediately and should target C=A=2042 or C=1.62*A = 1998.  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 (EOD):

PUG SP-500 15-min EOD 6-23-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 6-23-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 6-23-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 6-23-16

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