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January 9th, 2018: SP-500 Chart Update

Posted by pugsma on January 9, 2018

3:45 pm EST:   The primary (green) count is wave minute (3) of minor 5 of major [3] is ending here near 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 to complete major [3].  Also the major [3]=2.62[1] target is at 2807.

The alternate (blue) count minute (5) of minor 5 of major [3]-P5-C1 top near 2765, where (5)=(1).   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 that the major [3] top is in place and the major [4] retrace is underway.

For both the primary and alternate wave counts after the major [3] top , 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, which would be a -6% correction.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=9be52153-51ff-4d23-86ce-9456731da3ab

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 

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