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September 9th, 2016: SP-500 Chart Update

Posted by pugsma on September 9, 2016

1:00 pm EST:  The primary (green) wave count is that [3]-P5-C1 completed at 2194 and major [4]-P5-C1 correction has been underway and should complete between the 23%/38% Fibonacci retrace targets of 2148/2117.   The P5=0.62*P1 target is at 2246.   The primary (green) count as labeled remains valid above the major [1] high at 2121.  Below 2121, 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.  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 above the 1992 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.

Have a wonderful weekend  !!!

SP-500 15-min chart:


SP-500 60-min chart:


SP-500 4-hr chart:


SP-500 daily chart:


SP-500 weekly chart:


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