December 1st, 2016: SP-500 Chart Update
Posted by pugsma on December 1, 2016
11:45 am EST: The primary (green) count wave count is that since the minor 2 low at 2084, wave minor 3 of major -P5-C1 is underway with a target at 2332, where minor 3 = 1.23*minor 1. Within minor 3, minute (1) completed at 2114, and now a minute (2) wave is underway with Fib retrace targets at 50%/62% = 2164/2150. The major  = 1.23* target is at 2375 and the P5=P1 target is 2513 to complete the Cycle 1 wave.
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 -P5-C1 and this final move up as major -P5-C1. For an ED wave major  can overlap major  and there is a requirement that major  <  < . That would mean that the maximum for P5 is at 2286, where =. The move up from 2084 to 2182 is minor A of major  and the triangle wave was minor B with orthodox low at 2151. Finally minor C will move to make a marginal new high above 2194. For the minor B orthodox low at 2151, C=0.62*A=2217 and 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:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.