August 30th, 2016: SP-500 EOD Update
Posted by pugsma on August 30, 2016
2:45 pm EST: The primary (green) wave count is that wave (2) of minor 5 of major -P5-C1 is complete at 2160 as a double zig-zag. Wave (3) of minor 5 should be underway and move above 2200. The (3)=1.38*(1) target is 2224. Looking for major  to terminate near the =0.78*=2235 target. From there a major  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. Below 2148, the alternate (blue) count becomes the primary wave count.
The alternate (blue) wave count is that wave minor 1 of major -P5-C1 completed at 2194. Wave minor 2 should retrace 50%/62% down to 2093 to 2069. Wave of minor 2 completed at the 2160 area, to be followed by a wave (x) bounce and finally wave (y) go minor 2 down to the 2094/2079 pivot area. From there the minor 3 = 1.38*minor 1 target is 2348. The major  target is at 1.62* = 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  above the major  low 1992. The alternate (blue) count remains valid below the 2194 level.
The alternate (red) wave count has topped major -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. It will take a break below 1992 to confirm the alternate (red) count.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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