February 14th, 2017: SP-500 Chart Update
Posted by pugsma on February 14, 2017
4:55 pm EST: The SPX primary count is wave minute (5) of minor 3 of major [3]-P5-C1 move out of the wave (4) triangle from 2257. The wave minute (5) measured move is the triangle target of 2282 + (2282-2234) = 2330. The wave (3) was shorter at 90 points than wave (1) at 130, thus maximum for wave minute (5) is at 2347 (2257+90), so that wave minute (3) is not the shortest wave of the minor 3 impulse off the minor 2 low at 2084. Therefore a move above 2347 would invalidate the primary count and confirm the alternate (blue) count. Once minor 3 completes just below 2247, there would be minor 4 wave pull-back to the 23%/38% Fibonacci retrace targets of 2287/2247.
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]. Looking 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). Within minute (3), wave i hit 2299, wave ii ended at 2285 and now wave iii is underway with target at 2369, where iii=2.62*i.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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