February 10th, 2017: SP-500 Chart Update
Posted by pugsma on February 10, 2017
10:05 am EST: The SPX primary count is the original wave minute (5) of minor 3 of major [3]-P5-C1 move out of the wave (4) triangle. The wave minute (5) measured move is the triangle target of 2278 + (2278-2234) = 2322. The maximum for wave minute (5) is at 2324, so that wave minute (3) is not the shortest wave of the minor 3 impulse off the minor 2 low at 2084. A move above 2324 would invalidate the primary count and confirm the alternate (blue) count. Once minor 3 completes just below 2234, there would be minor 4 wave pull-back to the 23%/38% Fibonacci retrace targets of 2269/2233.
The alternate (blue) count is that minor 5 of major [3]-P5-C1 is underway off the minor 4 low at 2234. That target for major [3] is at 2421, where [3]=1.38[1]. Lookin at the 60-min chart, within the minor 5, we have minute (1) at 2282, and minute (2) at 2267. Wave minute (3) is underway and should target 2393, where (3)=2.62(1).
Have a great weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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