March 15th, 2018: SP-500 Chart Update
Posted by pugsma on March 15, 2018
11:50 am EST: The SP-500 continues to advance in the primary (green) count minor 3 of major [5]-P5-C1 wave off the minor 2 low of 2647. The minor 3 = 1 target is at 2903 and the major [5]=[1] target is at 2917. Within the minor 3 wave, minute (1) reached 2802 and now the minute (2) correction is complete (2744) or nearly complete at the 38%/50% Fib retrace of 2743/2725. Once minute (2) completes, wave (3) will be underway headed above 2802.
The alternate (blue) count is that the move up from 2533 to 2802 is a minor B of major [4]-P5-C1 wave at the 78% Fibonacci retrace of the minor A of major [4] drop from 2872 to 2533. The SP-500 has a potential double top at the 2789/2802 area. A break below 2647 triggers a double top measured move to 2647 – (2802-2647) = 2492 for the completion of the minor C of major [4] wave. Note that the C=A targets is at 2463.
The key level to watch here on the SP-500 is the swing low at 2647. Above 2647, we have the primary count to new all-time highs above 2872. Below 2647 the SP-500 should drop back to the 2463 area.
House Keeping: There will not be a blog post for Friday, March 16th, as I’ll be in Detroit watching my Purdue Boilermakers play in the 2018 NCCA Basketball Tournament.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=375c2982-ec9d-4084-8abf-ce3a2d92e03d
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.