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April 25th, 2017: SP-500 Chart Update

Posted by pugsma on April 25, 2017

10:40 pm EST:   As predicted SPX price has hit the resistance band of 2390 to 2401.  What happens here will determine the short-term wave count.  A pull-back here likely means wave minor 1 of major [5] completed and a minor 2 wave pull-back is underway (primary count).  A break above and acceleration up would mean that minor 3 of major [5] has been underway since 2329 (alternate blue count).

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.

The alternate (blue) count variation has major [4]-P5-C1 complete as simple Zig-Zag at 2322.  This means that move up from 2322 to 2378 was minor 1 of major [5].  The pull-back to the 88% Fib retrace of 2329 was minor 2.   Since 2329, the minor 3 wave has been underway with a target of 2475, where minor 3 = 2.62*minor 1.

Note:  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.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

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