January 5th, 2017: SP-500 Chart Update
Posted by pugsma on January 5, 2017
4:20 pm EST: Today saw a mild reversal the 2273 level that has been resistance 4 previous times over the past 3 weeks. The more this 2273 level is tested, the more likely it will break-out above it.
Primary (green) count is that wave (4) of minor 3 of major -P5-C1 is played out as a Zig-Zag with c=1.38a target at 2234. Wave (5) of minor 3 is underway and should make a new high above 2278 at a target area of 2309 to 2324, where (5)=0.50(1) to 0.62(1). Wave i-(5) hit 2264 and wave ii-(5) retraced 62% to 2245. Wave iii-(5) should be underway and is head for the 1.62*i target at 2294. The primary (green) count as labeled remains valid above the wave (1) high 2214.
The alternate (blue) count for the P5-C1 ending diagonal completed at 2278 in mid-Dec 2016. The SPX must begin to impulse lower taking out 2214, 2188 and finally 2084 in order to confirm. However so far there is not an impulse down looking move. 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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