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: http://www.freestockcharts.com?emailChartID=5babe4da-2aa3-464f-a888-cf7cb674494b
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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