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December 29th, 2016: SP-500 Chart Update

Posted by pugsma on December 29, 2016

12:30 pm EST:  Primary (green) count is that wave (4) of minor 3 of  major [3]-P5-C1 is playing out as a Zig-Zag with c=a target at 2244, which is also the 38% Fibonacci retrace target typical of wave (4).  The primary count as labeled remains valid above the wave (1) high of 2214.   Once wave (4) completes, wave (5) of minor 3 should make a new high above 2278 at a target area of 2309 to 2324.

The alternate (blue) count for the P5-C1 ending diagonal completed at 2278.  The SPX must begin to impulse lower taking out 2214, 2188 and finally 2084 in order to confirm.  The maximum of the alternate (blue) P5-C1 ED count is 2286, where it could become invalid.

SP-500 15-min chart:


SP-500 60-min chart:


SP-500 4-hr chart:


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