SEE DETAILED REPORT AT: https://amgonifty.wordpress.com/2016/04/30/sp-500-eod-29042016/
On the trading day of 29/04/2016 SP 500 shown as per expectation & retraced exactly till 2052 which 200% fibo level of our grid marked on the charts which also coincides with 161% fall of wave 3. As per 161% fall can be normal or extended.
I am assuming here wave 2 retraced 61% of wave 1 & so I am assuming wave 4 will retrace 38% as wave alteration rule so which is already retrace 38% placed at 2070. So if it is 5 wave structure then fall should resume.
So if this proves out to be 5 wave impulsive structure then we can expect another fall as a wave 5 till levels of 38%(2046), 61% (2033), 71%(2027) & 100% (2010).
Again 2nd possibility is that it will be 3 wave structure. Then it is likely that total fall from 2111 to 2052, will be retraced 61% to 88.7%. Level are shown on the chart 2088 to 2104.
As discussed in our last report s&p declined till 2052 seems to be now A B C decline as today index rose 2083 levels which is just above 50% levels of fall from 2111 to 2052. Now up side targets are in the range of 61% to 88.7%.
Another possibility will appear when index will cross 2111 which is final stop loss for shorts.
If index has to show further weakness then it has to cross 200% fibo support i.e 2052, then down side supports ar 2026 & 2006 respectively. Any positive move if takes index to 2083 then we can see up move till 2099. So need to watch these levels carefully
chart on available on https://amgonifty.wordpress.com/2016/05/04/sp-500-us-eod-03052016/