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April 24th, 2017: SP-500 Chart Update

Posted by pugsma on April 24, 2017

1:35 pm EST:  The SPX 4-hr and daily MACD have gone bull cross.  The $NYSE A-D line has made a third new all-time high since the SPX 2401 high early March high, showing tremendous underlying market breadth.  The A-D new highs is 100% accurate in predicting the SPX 2401 level will be exceeded.

The primary count is that the major [4]-P5-C1 triangle completed at the 2345 target shown on the charts last week, with an orthodox low at 2322.   The major [5]-P5 wave up to the P5=P1 target of 2513 is underway.  The minor 1 wave of major [5] should reach the 2390/2401 resistance area.  There should then be a 50% Fibonacci minor 2 correction to 2373/2367, before minor 3 heads for the 1.62*minor 1 target of 2464.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

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