January 8th, 2018: SP-500 Chart Update
Posted by pugsma on January 8, 2018
12:25 pm EST: I have a couple wave count options on how this major [3]-P5-C1 wave will end. The primary (green) count is precisely has I showed last Friday, January 5th. Wave minute (3) of minor 5 of major [3] is ending here near 2751 to 2761. Then there should be a minute (4) retrace to the 23% Fib at 2698 before one final minute (5) wave push up to the (5)=(1) target at 2789. Also the major [3]=2.62[1] is at 2807.
The alternate (blue) count view for the major [3]-P5-C1 top is that price is already in the minute (5) of minor 5 wave off the minor (4) low at 2674 at the end of the year. The minute (5)=(1) target is at 2765. There is also a minor 5=1.62*minor 1 target at 2744 that has already be satisfied. The alternate (blue) count obviously is more near term bearish. A break below the year end low of 2674 should confirm this alternate (blue) wave count.
For both the primary and alternate wave counts, there will be a significant major [4] wave drop in the April-June time frame. The 23%/38% Fibs that the SP-500 price back down towards at least the 2597 pivot.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6eb8ec0b-34ad-4c55-9084-aebad5bdaa63
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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