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January 18th, 2017: SP-500 Chart Update

Posted by pugsma on January 18, 2017

3:05 pm EST:  Whether we have a wave (4) playing out here or a wave (5) impulse is already underway, the outcome expected is a move above 2282 to a 2313 target for a completion of minor 3 or major [3]-P5.

Primary (green) count is that wave (5) of minor 3 of major [3]-P5-C1 is underway and so far has made a new high at 2282 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 2282 as a leading diagonal and wave ii-(5) retraced 62% to 2254.   Wave iii-(5) is under and is targeting 2302, where iii=i.  Wave iv-(5) should retrace 23% to 2291.  The wave v-(5) should reach 2313 to complete (5) or minor 3.   The primary (green) count as labeled remains valid above the wave ii-(5) los 2254.

SP-500 15-min chart:

pug-spx-15-min-1-18-17

SP-500 60-min chart:

pug-spx-60-min-1-18-17

SP-500 4-hr chart:

pug-spx-4-hr-1-18-17

 

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