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April 11th, 2017: SP-500 Chart Update

Posted by pugsma on April 11, 2017

2:35 pm EST:  SP-500 price continues to churn within the 2322 to 2401 range without definitive resolution.  Breaking below 2322 or above 2378 should resolve the listed wave count options.

The primary count has a couple options: for both the 2322 low as either the end of major [4]-P5-C1 as a single Zig-Zag or the orthodox low of a still unfolding major [4] triangle wave.  If major [4] ended at 2322, then minor 1 of major [5] hit 2378, minor 2 retraced 78% to 2337 and now minor 3 of major [5] wave is underway and should bust through the upper yellow line and head for the minor 3 = 2.0*minor 1 target of 2449.   If major [4] is to play-out as a triangle then minor D of major [4] will retrace to the upper yellow line around the 2366 pivot before one more minor E wave down to about 2350 before lunching above 2401 in the major [5]-P5 wave.

The alternate (blue) count has major [4]-P5-C1 headed lower toward the 2278 pivot area as a double Zig-Zag.  The first Zig-Zag minor W ended at 2322.  Then a minor X wave retraced 62% to 2378.  Now the second Zig-Zag minor Y is headed for target at 2299, where W=Y.  The first minute (a) of minor Y looks to have ended at 2337 and now a minute (b) wave up to the 50% Fib at 2358.  There should then be final minute (c) wave down to 2299.

Note: since major [2]-P5-C1 as a sharp (i.e. only 2 week long) single Zig-Zag, the Elliott Wave “guideline” predicts that major [4]-P5 should be a long-winded (2+ month; it’s already been 6 weeks) triangle or double Zig-Zag wave.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

 

 

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