November 15th, 2016: SP-500 Chart Update
Posted by pugsma on November 15, 2016
3:40 pm EST: The primary (white/green) count wave count is that wave (3) of minor 3 of major [3]-P5-C1 is underway with initial target at (3)=2.62*(1) = 2290. The minor 3 target is at 2332, where minor 3 = 1.23*minor 1, the major [3] = 1.23*[1] target is at 2375 and the P5=P1 target 2513 to complete the Cycle 1 wave. A very bullish IT-LT outcome indeed. The SP-500 price must now hold above 2125 and 2085 and move above 2194 for confirmation.
The alternate (blue) wave count is that the P5-C1 wave off the 1810 P4-C1 low is playing out as an Ending Diagonal (ED) with the recent low at 2084 as major [4]-P5-C1 and this final move up as major [5]-P5-C1. For an ED wave major [4] can overlap major [1] and there is a requirement that major [5] < [3] < [1]. That would mean that the maximum for P5 is at 2286, where [5]=[3]. The move up from 2084 to 2182 is minor A of major [5] and the triangle wave was minor B. Finally minor C will move to make a marginal new high above 2194. For the minor B orthodox low at 2151, C=A = 2249. Also, there P5 = 0.62*P1 target at 2246 that fits well here with the ED maximum target area.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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