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April 21st, 2017: SP-500 Chart Update

Posted by pugsma on April 21, 2017

10:45 am EST:   SPX price continues to oscillate between 2322 and 2378.  A break above 2378 or below 2322 will determine which short-term wave count is correct.  In either case, since major [2]-P5-C1 was 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] likey topped at 2361 or will reach 2366 today.  After minor D, there should be a minor E wave back down to 2340 to 2350 to complete major [4], before major [5]-P5 launches toward the P5=P1 target of 2513.

For the alternate blue count double zig-zag may have completed the minute (b) of minor Y of major [4] wave at 2361 or will need one push up to 2366 today.  After minute (b), minute(c) of minor Y should head for the Y=W target of 2299, which is the 23% Fibonacci retrace of major [3] or Y=1.62*W=2250, which is the 38% Fibonacci retrace of major [3].

Have a wonderful spring weekend !!!

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

SP-500 weekly chart:

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