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July 2nd, 2016: SP-500 Wave Count Update

Posted by pugsma on July 2, 2016

7-2-16, 1:30 pm EST:  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] likely completed at 2109.  From here the minor 2 wave should retrace 38%/50% to the 2065/2051 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 has exceeded the 88% retrace target of 2098 and hit 2109.  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 (EOD, 7-1-16):

PUG SP-500 15-min EOD 7-1-16

SP-500 60-min chart (EOD, 7-1-16):

PUG SP-500 60-min EOD 7-1-16

Sp-500 4-hr chart (EOD, 7-1-16):

PUG SP-500 4-hr EOD 7-1-16

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