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August 17th, 2017: SP-500 Chart Update

Posted by pugsma on August 17, 2017

4:05 pm EST:   The primary (red) count is that minor 3 of major [1]-PA-C2 is headed for the M3=1.62*M1 target at 2389.  Major [1]-PA-C1 should target at least the 200-day SMA at 2345 or more likely the 2278 pivot.  The primary (red) wave count remains valid below the minor 2 high at 2475.

The alternate (blue) count is that minor C of major [4]-P5 his headed for targets at the 23%/38% Fibonacci retrace at 2376/2301.  The 2376 target would agree with C=1.62*A = 2389.  However, there is potentially near-term C=A target 2422 to watch.   Once the major [4] wave completed the SPX price should make one more all-time high above 2491 for major [5]-P5-C1.  The alternate (blue) C1 target is in the 2650 to 2700 area going into early year 2018.

Have a great weekend !!!

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

SP-500 weekly chart:

SP500 Technical Analysis

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