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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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