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December 8th, 2016: SP-500 Chart Update

Posted by pugsma on December 8, 2016

6:15 pm EST:  The NYSE A-D Line broke out to a new all-time high today, signaling the primary (green) wave count that I’ve been showing since June-July 2016 is likely the path forward towards the P1=P5 target of 2514.  NYSE Adv-Dec Line Chart:  http://stockcharts.com/freecharts/gallery.html?$NYAD

The primary (green) count wave count is that wave minor 3 of major [3]-P5-C1 is underway with a target at 2332, where minor 3 = 1.23*minor 1.  Within minor 3, minute (1) completed at 2114, minute (2) wave ended at 2188 the Fib retrace target of 23% = 2184 and now wave minute (3) of minor 3 of major [3] is underway.   The major [3] = 1.23*[1] target is at 2375 and the P5=P1 target is 2514 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 [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 with orthodox low at 2151.  Since the minor B low at 2151, the minor C wave has been underway.  The minor C wave target is 2249, where C=A.  Also, the P5 = 0.62*P1 target is at 2246 and this 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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