April 16th, 2018: SP-500 Chart Update
Posted by pugsma on April 16, 2018
4:50 pm EST: SP-500 price moved up to 2687 and closed today above the IHS neckline of 2672. There was a late day back-test of the broken 2672 neckline that held, which is often bullish near-term.
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 later minor D target of 2777, lines up with a potential IHS with head at 2554, neckline at 2762 and target of 2790.
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, minute wave (1) completed at 2554 and the minute (2) wave looks to be playing out as a zig-zag to the typical 62% Fibonacci retrace of 2708, where c=a=2704. The move up from 2586 looks like a bearish rising wedge for this minute (2) of minor C. A break below 2586 and then 2554, will confirm the alternate (blue) count.
House Keeping: On Thursday April 19th, the wife and I leave for a trip to Germany. We will be traveling through Saturday, April 28th. Blog posts during that time will be limited.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=877b4dd3-d08d-40d1-a74f-209f140dbb77
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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