December 29th, 2017: SP-500 Chart Update
Posted by pugsma on December 29, 2017
11:00 am EST: The SP-500 price continues to consolidate in what appears to be an ascending triangle for wave (4) of minor 5 of major [5]-P5-C1 per the primary (green) count. Today’s move up to 2692 looks like wave d-(4). Now a wave e-(4) down that must remain above the wave c-(4) low 2678. Once the wave (4) triangle completes (maybe today), there should be a final wave up for minor (5) towards at target at (5)=0.62(1)=2731. There is also the major [5]=[1] target at 2728. A break above 2695 will confirm the primary (green) count wave (5) up is underway.
The alternate (blue) count with the P5-C1 top at 2695 would be invalidated on a move above 2699 (the ED maximum). The alternate (blue) count needs to break below 2665 and then 2652 to gain traction.
Year 2017 has been good for both passive investors and active traders with the SP-500 up 20%. I’m expecting year 2018 to be a very challenge one for passive investors. However active traders should find the increase volatility in year 2018 helps them out perform by using good technical analysis fundamentals to identify good trading set-ups
Wishing you and your family a safe and prosperous 2018 New Year !!!
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