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:
SP-500 60-min chart:
SP-500 4-hr chart:
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