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:
SP-500 60-min chart:
SP-500 4-hr chart:
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