September 12th, 2016: SP-500 Chart Update
Posted by pugsma on September 12, 2016
5:30 pm EST: Today saw a big bounce off strong 2120 pivot support and a close at 2159. 2117 was the Fibonacci 38% retrace of the move up from 1992 to 2194.
The primary (green) wave count is that the major [4]-P5-C1 correction completed at the 38% Fibonacci retrace target of 2117. Also P5-C1 is playing out as a Ending Diagonal (ED) that must complete below 2321, where major [5] < [3] < [1]. The P5=0.62*P1 target is at 2246.
The alternate (blue) wave count is that wave minor 2 of major [3]-P5-C1 completed at 2119. From the minor 2 low at 2119, the minor 3 = 1.23*minor 1 target is 2367. The major [3] target is at 1.62*[1] = 2496. The P5=P1 target is 2514 to complete the Cycle 1 wave. Note alternate (blue) count would be confirmed on a move above 2321, which invalidates the primary (green) ED P5-C1 count.
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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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