Jun 24th, 2016: SP-500 EOD Update
Posted by pugsma on June 24, 2016
4:15 pm EST: Big SPX move to the downside from 2113, hitting 2033 late today. Breaking the key 2050 level makes the old 2nd alt (pink) count the new primary (green) wave count. The major -P5-C1 wave should find support at the 1991 to 1956 pivot area. We have the major  38%/50% Fib retrace targets at 2003/1966 and the minor C=1.62*A at 1998.
The new alternate (red) wave count is that P5-C1 topped at 2135 back in May 2011 and that the Cycle 2 (C2) wave has been underway ever since then. PB-C2 topped at 2121 in June 2016 and now PC-C2 is underway with major -PC likely headed for the 1956 pivot area.
For now we’ll keep the SPX wave count at the 4-hr chart level until volatility settles down and we can count the smaller waves at the 60-min and 15-min chart level.
Have a great weekend !!!
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
SP-500 weekly chart (EOD):
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