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March 28th, 2017: SP-500 Chart Update

Posted by pugsma on March 28, 2017

12:50 pm EST:  The primary (green/white) count has the major [4]-P5-C1 low at the 2322, which is just above the typical 23% Fibonacci retrace of 2306.   Major [5]-P5 should now target 2514, where [5]=0.62[1].  Wave minor 1 of major [5] should target the 2401 high.   The primary count remains valid above 2322.

The alternate (blue) count is that major [4]-P5-C1 will correct much deeper to the 38% Fibonacci pf 2246.  For this count major [4] will play out as a complex double corrective (i.e. double Zig-Zag).  The first 3-wave Zig-Zag just completed at 2322 and now a 3-wave X-wave is underway to a 50% retrace at 2362.  Once the X-wave ends, the down trend will resume toward the 2278 pivot.  The alternate (blue) count remains valid below 2401.

SP-500 15-min chart:

SP-500 60min chart:

SP-500 4-hr chart:

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