August 17th, 2016: SP-500 EOD Update
Posted by pugsma on August 17, 2016
5:35 pm EST: The primary (green) wave count is that wave (2) of minor 5 of major [3]-P5-C1 is complete at 2169. Wave (3) of minor 5 should be underway and move above 2200. The (3)=1.38*(1) target is 2224. Looking for major [3] to terminate near the [3]=0.78*[1]=2235 target. From there a major [4] correction down to the 23%/38% retrace of 2179/2142. 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 minor 1 of major [3]-P5-C1 completed at 2194. 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 has topped major [5]-P5-C1 at 2194 and the LT (long-term) Cycle (C2) wave down towards a 50% Fibonacci retrace of C1 at 1428 is about to get underway.
Have a great weekend !!!
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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