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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:

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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