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June 29th, 2017: SP-500 Chart Update

Posted by pugsma on June 29, 2017

3:00 pm EST:   The SP-500 price dropped to 2406 and is now at a significant inflection point for the next big directional move.   There are now 3 wave count possibilities give in order of their probability.

The primary (green) count is that minor 4 of major [5]-P5-C1 ended today at 2406, which is just above the minor 4 into minor 1 wave violation point of 2404.   Should the 2406 low hold, the next move for the primary wave count is a minor 5 wave move up to 2514, where P5=P1.

The new alternate (blue) count is that major [3]-P5-C1 topped at 2453.   Wave major [4] is now underway and should retrace 23%/38% of major [3] to Fibonacci area of 2347/2278.  This alternate (blue) count is valid below 2453.

The alternate (red) count is that P5-C1 topped at 2453 and the Cycle 2 (C2) wave down to a 50%/62% Fibonacci retrace of Cycle 1 (C1) at 1560/1346.   The alternate (red) count is valid below 2353.

 

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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