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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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