December 22nd, 2016: SP-500 Chart Update
Posted by pugsma on December 22, 2016
4:15 pm EST: The primary (green) count is that wave (4) of minor 3 of major [3]-P5-C1 is completing as an ascending triangle with an orthodox low at 2248. Wave (5) up should be underway with a triangle target of target of 2308 and Fibonacci targets (5)=0.5(1)=2313 or (5)=0.62(1) =2328. Also the minor 3 = 1.23*minor 1 target is 2332, so there is confluence of targets at 2328 to 2332. Once wave (5) of minor 3 completes at 2328 to 2332 early in January 2017, there should be the first significant pull-back for the minor 4 wave down to the 23%/38% retrace target of 2272/2236. From there minor 5 of major [5]-P5 will push higher towards 2375, where major [3]=1.23*[1]. Then there will be another significant pull-back during major [4] to the 23% retrace of major [3] at 2287. Finally major [5] will complete near the P5=P1 target of 2513 to complete Cycle 1 (C1) wave.
The alternate (blue) count for the P5-C1 ending diagonal is dangerously close to becoming invalid at the 2286 level. Basically the recent 2278 high must hold at the top of P5-C1.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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