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February 2nd, 2018: SP-500 Chart EOD Update

Posted by pugsma on February 2, 2018

8:25 pm EST:  Based on the continued late day sell-off to 2760, the primary (green) wave count needs to be adjusted be one degree larger to a minor 4 of major [3]-P5-C1.   The 23% minor 4 Fibonacci retrace is 2767 and the minute (y)=1.62(w) target is 2751.   Once minor 4 completes, there should be minor 5 of major [3] wave up that breaks above 2872 (confirmation) and heads toward the major [3]=2.62[1] target at 3090.

The alternate (blue) count is that major [3]-P5-C1 complete at 2872 and a major [4] wave correction is underway.  I’m looking for sharp minor A-B-C correction for major [4] to alternate with the low winded major [2] wave.   Minor A of major [4] wave should complete between 2760 and 2735, which should be followed by a minor B wave retrace of 50%/62% to the 2804/2820 area.  Then there should be a final minor C wave down  to the C=A target at 2683, which is also the 23% Fibonacci retrace (2691) of major [3].

The two wave counts will be separated during the next significant move up, as the primary (green) count will continue to new highs above 2872 and the alternate (blue) will fail to make a new and fall again to fresh new lows near the 2696 pivot.  How the highly oversold (-90 at today’s close) McClellan Oscillator ($NMYO) reacts during the next move up will be a key to watch.  $NYMO strength above the zero line will indicate a new impulsive wave minor 5 to new all-time highs for the primary (green) count is underway.  Conversely, $NYMO weakness below the -20 to zero (crash zone) will likely mean that another leg lower per the alternate (blue) count is coming next.

Have a great weekend !!!

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=94e335ad-64aa-4841-bfc7-bac66d09f61d

SP-500 15-min chart EOD:

SP500 Technical Analysis

SP-500 60-min chart EOD:

SP500 Technical Analysis


SP-500 4-hr chart EOD:

SP500 Technical Analysis

SP-500 daily chart EOD:

SP500 Technical Analysis


SP-500 weekly chart EOD:

SP500 Technical Analysis


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