October 27th, 2017: SP-500 Chart Update
Posted by pugsma on October 27, 2017
3:55 pm EST: As I’ve saying for the last week, the SP-500 move up is likely in the alternate (blue) wave count (now the primary wave count). Tops are not an event, but rather a process and the Cycle 1 (C1) top could grinder higher to the 2700 area. One just needs to look at the weekly to chart to see that P1-C1 top in early 2011 and the P3-C1 top in early 2015 took 6 months to complete as the SP-500 rode the upper white line. P5-C1 should look very similar, before we will see the Cycle 2 (C2) wave lower begin.
Today the SP-500 again took out the all-time high at 2578 and it now looks like the next 100 points up will take about another 4 to 6 months to complete with a target of P5=1.23*P1 = 2676.
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:
SP-500 Monthly Chart:
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