August 3rd, 2016: SP-500 EOD Update
Posted by pugsma on August 3, 2016
1:25 pm EST: Wave minor 4 of major -P5-C1 is completing a 23%/38% Fibonacci retrace to the 2154/2138 area before minor 5 of major  heads to the 2226 target area. Wave minor 4 appears to have taken the form of a an expanded flat with 5 waves down from 2178 to 2148 for wave minute (c) of minor 4. Assuming minor 4 ended at 2148, the minor 5 = 0.62*minor 1 target is t 2226. 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 alternate (blue) wave count target at P5=P1 = 2514. In this more bullish LT (Long-Term) scenario, both minor 3 of major  and major  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 -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.
15-min chart (EOD):
60-min chart (EOD):
4-hr chart (EOD):
daily chart (EOD):
Sorry, the comment form is closed at this time.