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May 19th, 2017: SP-500 Chart Update

Posted by pugsma on May 19, 2017

11:35 pm EST:   The move up to from 2353 to 2386 is a 62% Fibonacci retrace of the 2406 to 2353 drop and puts the SPX price at critical juncture that should help sort out the wave counts.   However, until the range for 2322 of 2406 range is broken all 3-wave counts remain valid.

The primary (green) count minor 2 or major [5]-P5-C1 hit the 88% Fib retracement at 2353.   Wave minor 3 is underway with the minor 3 = 1.62*minor 1 target at 2449.  Ultimately major [5]-P5-C1 should reach at least the major [4] contracting triangle target of 2480 and most likely the P5=P1 target of 2514.

The alternate (blue) wave count is a major [4]-P5-C1 ascending triangle with minor C hitting 2353.  The minor D wave up to 2401 is underway.   Note: this alternate (blue) wave count for the major [4] ascending triangle could take 1 to 2 more months to play out in waves minor D up to 2401 and minor E back down to 2366 before completing the ascending triangle.  The major [4] ascending triangle target is 2480 to complete major [5]-P5-C1 going into the fall of 2017.

The alternate (red) wave count is a major [4] flat of expanded flat completed minor B at 2406 and is now is a minor C wave down to the 23%/38% Fibonacci retrace targets of 2306/2248.   The minute (1) of minor C wave ended at 2353.  Minute (2) should retrace 62% to 2386, before minute (3) drops to a new low below 2322.  The alternate (red) count would go invalid above 2406.

Have a great weekend !!!

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:

SP-500 weekly chart:


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