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April 17th, 2018: SP-500 Chart Update

Posted by pugsma on April 17, 2018

12:40 pm EST:   Today the SP-500 price pushed up to the 2708 gap closure and the c=a target of 2704 for the alternate (blue) count.

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 near the 2759 pivot, where minute (c)=1.38(a) = 2749.  Once minor D completes, there should be a minor E retrace back to the test at least the 2658 pivot area to complete the major [4]-P5-C1 contracting triangle wave.

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.

Also, we need to keep an eye on the new alternate (red) wave count.   Below 2802, this red count is very much in play.

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=71c0d236-8982-4a98-bcab-a2378bdf0add

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

SP-500 weekly chart:

SP500 Technical Analysis

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