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April 10th, 2018: SP-500 Technical Analysis

Posted by pugsma on April 10, 2018

3:40 pm EST:  The SP-500 price made a nice stand at the 2597 pivot support and has moved back to the 2658 pivot resistance.   Above  the 2658 pivot, there is a cluster of resistance the Bollinger band mid-point (2664), the 34-day EMA (2674) and the 50-day SMA (2700).  Note that on the 15-min chart there is a bullish Inverse Head and Shoulders (IHS) pattern with head at 2554, neckline at 2672 and target of 2790.

The primary (green) count remains the major [4]-P5-C1 contracting that is currently in a minor D wave headed for the upper yellow triangle boundary between 2704, where minute (c)=(a) to 2777, where (c)=1.62(a).

The alternate (blue) is that major [4] is playing out as a simple zig-zag towards the C=A target of 2463.   Within the minor C wave down, the minute (2) wave looks be playing out an expanded for toward the 50% Fibonacci retrace of 2672.  Wave (3) of minor C looks to be underway toward a (3)=(1) target at 2456.  A break below 2586 and then 2554, will confirm the alternate (blue) count.

SP-500 15-min chart real-time link:

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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