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March 1st, 2017: SP-500 Chart Update

Posted by pugsma on March 1, 2017

11:00 am EST:   With all the euphoria today in the markets spurred on by politics (Trump) and the news media (CNBC), you might think things have change in the markets.  Nope.  That’s the beauty of technical analysis.  It’s calm and calculated.  We’ve been looking for major [3]-P5-C1 to end in the 2375 to 2421 range for months now.   And here we are at 2390 as of this morning.  There is still potential negative divergence (-DIV) on MACD of the 4-hr and daily charts.  This -DIV should help usher a significant major [4]-P5- correction that will mostly use time, but also about 100 to 150 SPX points to correct the major [3]-P5-C1 wave.

There is just a subtle difference here between the primary and alternate (blue) wave counts.  The primary count is in the final minute (5) of minor 5 wave of major [3].   The alternate (blue) count is in minute (3) of minor 5 of major [3].   The wave count details are shown on the 15-min and 60-min charts below.

SP-500 15-min chart:


SP-500 60-min chart:


SP-500 4-hr chart:


SP-500 daily chart:


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