January 26th, 2017: SP-500 Chart Update
Posted by pugsma on January 26, 2017
4:45 pm EST: Today the SP-500 price reached the first target of 2299 (hit 2301) for the completion of minute (5) of minor 3 of major [3]-P5-C1.
The primary count is that minute (5) of minor 3 still has bit of room to run up the 2nd target of 2313, where (5)=0.62(1). The maximum for wave (5) is at 2324, so that wave (3) is not the shortest of the minor 3 impulse wave up off the minor 2 2084 low.
The alternate (blue) count is that wave (5) of minor 3 topped today at the 1st target area of 2301, where (5)=0.5(1). A break below 2284/2282 should be good indicator of the wave (5) of minor 3 completion and the start of the minor 4 wave lower. The minor 4 wave should consolidate into the 23%/38% Fib retrace targets of 2251/2219.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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