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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