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April 26th, 2017: SP-500 Chart Update

Posted by pugsma on April 26, 2017

8:30 am EST:    The initial thrust out of the major [4] wave triangle has reached the targeted 2390 to 2401 resistance band for the minor 1 of major [5] wave.  Due to the strength of the minor 1 wave, the minor 2 wave could be a shallow retrace to the 23%/38% Fib of 2381/2374.   Once the minor 2 wave completes, the minor 3 wave should move toward the 1.62*minor 1 target in the 2444 to 2450 area.   Ultimately the major [5] wave would reach at least the [5]=0.5*[1] target of 2478.  Note:  The major [4] triangle measures 79 points (2401-2322).  The major [5] wave triangle target is 2401 + 79 = 2480.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

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