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April 18th, 2018: SP-500 Chart Update

Posted by pugsma on April 18, 2018

4:55 pm EST:  The primary (green) count remains the major [4]-P5-C1 contracting that is currently in a minor D wave headed for the upper yellow contracting 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.  A break above 2802, will confirm the primary (green) wave count triangle is complete and the major [5] wave move up to a new all-time high of at least 2917, where [5]=[1], is underway.

The alternate (blue) is that major [4] is playing out as a simple zig-zag towards the C=A target of 2463.   Minor B completed at 2802 on March 13th, since then the minor C wave down has been underway.  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 a 78% Fibonacci retrace of 2747, where c=1.38a=2749.  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 alternate (red) wave count shown on the daily and weekly charts.  The alternate (red) count has the Cycle 1 (C1) top at 2872 from late January 2018 and the Cycle 2 (C2) wave down has begun that will likely reach the a 50%/62% Fibonacci retrace of C1 at 2792/1505.   As long as the SP-500 price remains below 2802, this alternate (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=b384481c-fd63-4912-9ca8-a7377ac82a21

SP-500 15-min chart:

SP500 Technical Analysis

 

SP-50 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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