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April 19th, 2017: SP-500 Chart Update

Posted by pugsma on April 19, 2017

5:05 pm EST:  SPX price continues to swim between 2322 and 2401.  A break above 2378 or below 2322 will determine which short-term wave count is correct.  In either case, 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 7 weeks) triangle wave (primary green count) or double Zig-Zag (alternate blue count) wave.

For the primary green count major [4] triangle, minor D of major [4] is underway headed for the 2366 pivot.  After minor D, there should be a minor E wave back down to 2335 to 2345 to complete major [4], before major [5]-P5 launches toward the P5=P1 target of 2513.

For the alternate blue count double zig-zag looks to completed the minute (b) of minor Y of major [4] wave at 2354 today and now minute(c) of minor Y should head for the Y=W target of 2299, which is the 23% Fibonacci retrace.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

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