February 21st, 2017: SP-500 Chart Update
Posted by pugsma on February 21, 2017
3:20 pm EST: Today the SP-500 price jumped above 2351, as predicted by both versions of the wave count.
The primary count is that minor 5 of major [3]-P5-C1 is headed for the [3]=1.23[1] target of 2375. Within minor 5, minute (3) completed at 2351, where v=i and wave minute (4) completed at 2339 just above the 23% Fib retrace of 2334. The wave minute (5)=(1) target is 2383, just above the 2375 major [3] target. Once major [3]-P5 complete near 2375/2383, there should be 23%/38% Fibonacci retrace for major [4]-P5 down to the 2278 pivot area.
The alternate (blue) count is that minor 5 of major [3]-P5-C1 is headed for the [3]=1.38[1] target of 2421. 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-(3) hit 2299, wave ii-(3) ended at 2285 and now wave iii-(3) is underway with target at 2369, where iii=2.62*i. Once iii completes here soon, there should be shallow wave iv-(3) pull-back above 2350, then the final wave v-(3) move to 2393.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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