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January 24th, 2018: SP-500 Chart Update

Posted by pugsma on January 24, 2018

12:45 pm EST:  The SP-500 primary (green) wave count is that the major [3]-P5-C1 wave is ending here at the major [3]=2.0[1] target of 2853.   There should now be a major [4] wave pull-back as a sharp minor degree A-B-C zig-zag.  The initial minor A target is 2736.  The major [4] Fibonacci target is the 23%/38% retrace at 2682/2565.  Once that major [4] wave completes that should be one more major [5] wave up to the P5=P1 target at 2870 (double top).

The new alternate (blue) wave count is considerably more bullish than the primary (green) wave count.   Based on how the SP-500 daily RSI is above 85, it’s very possible that this extended wave up is only minor 3 of major [5]-P5-C1.  This would mean the next pull-back will be a minor 4 of major [3] wave and should retrace 23% of minor 3 to 2731.  From the minor 4 low at 2732, the minor 5 of major [3] should push much higher to the minor 5=1 target at 3090 to complete major [3]-P5-C1.   Then there should be a major [4] 23% Fib retrace to 2857, before the final major [5]-P5-C1 push up to a major [5]=[1] target of 3241.  Note P5=1.38*P3 at 3273.

The size and duration of the next significant pull-back should help to separate the two wave counts.

SP-500 15-min chart real-time link:

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis


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