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February 5th, 2018: SP-500 Chart Update

Posted by pugsma on February 5, 2018

12:20 pm EST:    The primary (green) count is a wave minor 4 of major [3]-P5-C1 low here near the (c)=1.62(a) target of 2739.  Once minor 4 completes, there should be a 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 W-X-Y correction for major [4] to alternate with the low winded major [2] wave.   Minor W of major [4] wave should complete here near 2733, which should be followed by a minor B wave retrace of 50%/62% to the 2803/2819 area.  Then there should be a final minor Y wave down  to the Y=W target at 2680, 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.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=521af3ef-9c08-4d5b-8b77-8caf68187757

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

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