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February 2nd, 2018: SP-500 Chart Update

Posted by pugsma on February 2, 2018

12:20 pm EST:  The primary (green) wave count is that wave minute (4) of minor 3 of major [3]-P5-C1 is completing as double zig-zag off the minute (3) wave 2872 high.   The w=y target for the completion of wave (4) is at 2785.  Note that the wave iv of previous degree is in the 2769 to 2795 range.   Once wave (4) completes, wave minute (5) should make a new high above 2872, where (5)=(1) at 2965.   A break above 2872 would confirm this primary (green) wave count.

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] is completing here near 2785, which should be followed by a minor B wave should retrace 50%/62% to the 2831/2840 area.  The minor C wave down should a be large C=1.62*A wave to a target at 2706/2695, which is also the 23% Fibonacci retrace of major [3].   A break below the 2759 pivot would confirm this alternate (blue) wave count.

Have a great weekend !!!

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=d6c27eb7-3649-4bd0-9942-f2b0083862dd

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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