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August 15th, 2016: SP-500 Update

Posted by pugsma on August 15, 2016

10:35 am EST:  The primary (green) wave count is that wave (2) of minor 5 of major [3]-P5-C1 is complete at 2172.  Wave (3) of minor 5 should be underway and move above 2200.  The (3)=1.38*(1) target is 2227.  Looking for major [3] to terminate near the [3]=0.78*[1]=2235 target.   The P5=0.62*P1 target is at 2246.  The primary green count as labeled remains valid above the 2148.

The alternate (blue) wave count is that wave (2) of minor 3 of major [3]-P5-C1 is complete at 2172.   Wave (3) of minor 3 should be underway and move above 2300.  The minor 3 = 1.62*minor 1 target is 2388.   The major [3] target is at 1.62*[1] = 2496.  The P5=P1 target is 2514 to complete the Cycle 1 wave.  The alternate blue count as labeled remains valid above 2148.

The alternate (red) wave count is that major [5]-P5-C1 is topping in the 2188 to 2214 area and the LT (long-term) Cycle (C2) wave down towards a 50% Fibonacci retrace of C1 at 1428 is about to get underway.

SP-500 15-min chart:

PUG SP-500 15-min MD 8-15-16

SP-500 60-min chart:

PUG SP-500 60-min MD 8-15-16

SP-500 4-hr chart:

PUG SP-500 4-hr MD 8-15-16

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