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August 31st, 2016: SP-500 EOD Update

Posted by pugsma on August 31, 2016

2:25 pm EST:  The key now is which SP-500 price level breaks first, 2194 or 2148?   A break above 2194 leads to a measured move to 2240 (primary green wave count) or a break below 2148 leads to a measured move to 2102 (alternate blue wave count).

The primary (green) wave count is that wave (2) of minor 5 of major [3]-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 [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.  Below 2148, the alternate (blue) count becomes the primary wave count.

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 2093 to 2069.  Wave of minor 2 completed at the 2160 area, followed by a wave (x) bounce to 2183 and finally a wave (y) of minor 2 down to the 2094/2079 pivot area.    From there the minor 3 = 1.38*minor 1 target is 2348.   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 (blue) count remains valid below the 2194 level.

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.  It will take a break below 1992 to confirm the alternate (red) count.

SP-500 15-min chart:

PUG SP-500 15-min 8-31-16

SP-500 60-min chart:

PUG SP-500 60-min 8-31-16

SP-500 4-hr chart:

PUG SP-500 4-hr 8-31-16

SP-500 daily chart:

PUG SP-500 daily 8-31-16

SP-500 weekly chart:

PUG SP-500 weekly 8-31-16

SP-500 monthly chart:

PUG SP-500 monthly 8-31-16


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