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June 30th, 2016: SP-500 MD/EOD Update

Posted by pugsma on June 30, 2016

11:15 pm EST:  The SPX price continues to rise to the 2079/2094 pivot area.   Importantly for the bulls and primary (green) wave count, the SPX price will close the month of June well above the key monthly MA’s of 13-month EMA (2037) and 20-month SAM (2046).

The primary (green) wave count is that major [2]-P5-C1 bottomed at 1992 and that major [3]-P5-C1 up to new all-time highs is underway.  Minor 1 of major [3] is likely headed for the 2079/2094 pivot area.  From there the minor 2 wave  should retrace 38%/50% to the 2046 pivot area.  The initial major [3] target is at 2185, where [3]=0.62[1], however there are much higher targets are [3]=[1] = 2303 and [3]=1.62[1] = 2495.   The initial P5-C1 target is 2246, where P5=0.62*P1, however there is a much higher target at 2514, where P5=P1.   The primary wave count remains valid above the 1992 major [2]-P5 low.

The alternate (red) wave count is that minor 1 of major [3]-PC-C2 bottomed at 1992 that this bounce is minor 2 of major [3].  The minor 2 targets are at 78%/88% Fib retracements of 2086/2098.  Once minor 2 completes, minor 3 of major [3] should get underway making a new low below 1810.  The initial minor 3 target is at 1761, where minor 3 = 2.62*minor 1.  However, there is a lower minor 3 target at 1525, where minor 3 = 4.21*minor 1.   Ultimately the C2 wave should bottom in the 1577 to 1401 area.  The alternate wave count remains valid below the 2113 major [2]-PC level.

Have a fun and safe 4th of July Holiday weekend !!!

SP-500 15-min chart:

PUG SP-500 15-min MD 6-30-16

 

SP-500 60-min chart:

PUG SP-500 60-min MD 6-30-16

SP-500 4-hr chart:

PUG SP-500 4-hr MD 6-30-16

SP-500 daily chart:

PUG SP-500 daily MD 6-30-16

SP-500 weekly chart:

PUG SP-500 weekly MD 6-30-16

SP-500 monthly chart:

PUG SP-500 monthly MD 6-30-16

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