September 13th, 2016: SP-500 Chart Update
Posted by pugsma on September 13, 2016
5:05 pm EST: The $NYMO, VIX and SPX all closed outside their respective BB’s today, triggering step 1 of a triple SPX Buy Signal. This is the 2nd such triple SPX Buy Signal in the past 3 days (Friday and again today Tuesday). With the $NYMO in oversold territory below -40 (at -61) this often times leads to big move up in the SPX price in the coming days. There however is always the small probability that once the $NYMO gets oversold below -40, a SPX crash scenario can unfold. So even with this 12nd triple SPX Buy Signal it is not 100% reliable.
The primary (green) wave count is that the major -P5-C1 correction completed at the 38% Fibonacci retrace target of 2117. With the SPX major -P5 wave move below the major -P5 high of 2121, it means that the P5-C1 wave is playing out as an Ending Diagonal (ED) that must complete below 2321, where major  <  < . The P5=0.62*P1 target is at 2246.
The alternate (blue) wave count is that wave minor 2 of major -P5-C1 is playing out as a double Zig-Zag to a Fibonacci retrace target of 50%/62% at 2093/2069. From the minor 2 low at 2093, the minor 3 = 1.23*minor 1 target is 2342. The major  target is at 1.62* = 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 -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:
Sorry, the comment form is closed at this time.