July 7th, 2016: SP-500 EOD Update
Posted by pugsma on July 7, 2016
1:00 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. Minor 2 could be completed at 2074 or might take the form of a flat wave and retest the 2074 to 2064 area once again. Once minor 2 completes, minor 3 should head to new all-time highs above 2135. 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.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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