August 16th, 2016: SP-500 EOD Update
Posted by pugsma on August 16, 2016
2:15 pm EST: It is starting to looking like an ending diagonal may have formed here near the 2200 level.
The primary (green) wave count is that wave (3) of minor 5 of major [3]-P5-C1 is complete at 2194. Assuming Wave (4) of minor 5 is complete at 1980, the maximum for wave (5) to be < (3) is at 2202. Thus, I’m looking for major [3] to terminate in the 2200 area. There should then be 23%/38% retrace for wave major [4] down to 2153/2122 and then the final major [5] wave back up above 2202. The P5=0.62*P1 target is at 2246. The primary green count as labeled remains valid for major [4] above the major [2] high at 2121.
The alternate (blue) wave count is that wave minor 1 of major [3]-P5-C1 will complete near 2220. Wave minor 2 should retrace 50%/62% down to 2097 to 2072. From there the minor 3 = 1.38*minor 1 target is 2361. 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 for minor 2 of major [3] above the major [2] low 1992.
The alternate (red) wave count is that major [5]-P5-C1 is topping in the 2200 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:
SP-500 daily chart:
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