January 10th, 2017: SP-500 Chart Update
Posted by pugsma on January 10, 2017
2:55 pm EST: So far the SP-500 has held the critical 2264 level but has failed to break above 2282.
Primary (green) count is that wave (5) of minor 3 of major [3]-P5-C1 is underway and has made a new high above the wave (3) high of 2278. The wave (5) target is at the area of 2299 to 2314, where (5)=0.50(1) to 0.62(1). Note the maximum for wave (5) is 2324, so that wave (3) is not the shortest wave. Wave i-(5) hit 2264 and wave ii-(5) retraced 62% to 2245. Wave iii-(5) completed at 2282, where iii=1.23*i target. Wave iv-(5) has retraced 38% to 2265. The wave v-(5) is underway with v=i=2295 and v=1.62*i = 2313 to complete (5) or minor 3. The primary (green) count as labeled remains valid above the wave i-(5) high 2264.
An alternate (blue) short-term (ST) view would be that minute (5) of minor 3 completed at 2282 as an ending diagonal. This would mean that the minor 4 wave is underway off the 2282 high and targeting the 23%/38% retrace area of 2236/2207. A break of 2264 and then 2260 should confirm the alternate (blue) count.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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