July 28th, 2016: SP-500 EOD Update
Posted by pugsma on July 28, 2016
2:15 pm EST: The SP-500 ends the month of July well above its 13-month EMA (2059) and 20-month SMA (2052). This is bullish for the IT to LT trend.
Wave minor 3 of major [3]-P5-C1 competed at 2169, where minor 3=0.78*minor 1. Wave minor 4 is completing a 23%/38% Fibonacci retrace to 2153/2137 before minor 5 of major [3] heads to the 2235 target area. Wave minor 4 appears to taking the form of an ascending triangle that must hold above 1956 or if it breaks below 2156 then it’s a zig-zag headed for the 2135 pivot support. The first IT (Intermediate-Term) P5-C1 wave target completion area is at 2246, where P5=0.62*P1. However there is a much higher target at P5=P1 = 2514. In this more bullish LT (Long-Term) scenario, both minor 3 of major [3] and major [3] itself would sub-divide and extended much higher.
Just remember the classic Technical Analysis Intermediate-term (IT) measured move break out above 2121, is 2121 + (2121-1992) = 2250, which is right at the first major [5]-P1-C5 target of 2242 and the Long-term (LT) measured move break out above 2135, is 2135 + (2135-1810) = 2460, which is right below P5=P1 = 2514 target.
Have a great weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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