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May 11th, 2017: SP-500 Chart Update

Posted by pugsma on May 11, 2017

12:50 pm EST:  The primary count is that minor 2 of major [5]-P5-c1 is either complete today at the 38% Fib retrace at 2382 or will retrace 50%/62% to 2375/2267 into next week (alternate blue variant).   The next move after minor 2 completes is a minor 3 wave up towards the triangle target of 2480.  The primary count is valid above the major [4] triangle low of 2345.

The alternate (red) count is that major [4]-P5-C1 is playing out as a long-winded flat that will retest the 23% Fib retrace of major [3] at 2306 and the 2278 pivot into June.   Minor B of major [4] completed at 2404 and now minor C is underway with a 1.23*A target at 2307 to 1.62*A = 2276 .  The alternate red count is valid below 2404.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

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