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August 31st, 2017: SP-500 Chart Update

Posted by pugsma on August 31, 2017

4:20 pm EST:  The SP-500 price move higher off the 2417 low continues to look impulsive and bodes well for a higher probability of the alternate (blue) wave count.  However the 2491 high must be broken above in order to fully confirm the alternate (blue) wave count.

The primary (red) wave count is that minor 1 of major [1]-PA-C2 ended at 2417 as a leading diagonal.  A leading diagonal often will retrace 78%/88%, which is at 2475/2482 for the minor 2 wave.  Once the minor 2 wave up ends, there should be a large minor 3 wave drop below 2417 toward the 2366 pivot for minor 3.  This primary (red) count remains valid below 2491.

The alternate (blue) count is that wave (3) of minor 1 of major [5]-P5-C1 is underway with a target of 2490, where (3)=1.62(1).   Minor 1 should reach the 2513 area.  The alternate (blue) wave count remains valid above 2428/2417.

Have a great Labor Day Holiday 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

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