September 20th, 2018: SP-500 Chart Update
Posted by pugsma on September 20, 2018
3:15 pm EST: When you step back and look at the daily chart, SP-500 primary (red) wave count has been in a major [5]-P5-C1 ending diagonal pattern since the major [4] triangle low at 2595. Wave minor 1 was 2595 to 2791 (196 points), wave minor 3 wave was 2692 to 2863 (171 points). In order that minor 3 not be the shortest wave (Elliott Wave Fundamental Requirement), the minor 5 must be less than the 171 points. Minor 4 ended at 2802, thus the minor 5 wave must not exceed 2802 + 171 = 2973. Also the waves up off the major [4] low at 2595 count best a 3-wave moves, classic ending diagonal behavior. Finally there is negative divergence across daily MADC/RSI, $NYMO and $NYSE A-D that should remain intact below the maximum of 2973. This daily negative divergences with respect to SP-500 price should produce a sharp drop in SP-500 price in the coming weeks/months.
If the SP-500 price exceeds 2973, then we have the alternate (blue) wave count that is only in a minor 3 (not minor 5) wave of major [5]-P5-C1. This alternate (blue) count price target is at least the triangle target of 3041 and maybe has high at 3200+ to complete P5-C1.
House Keeping: I’m leaving town for a long weekend. Next blow post will be on Monday, Sept 24th.
Have a great weekend !!!
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=dc576db1-514f-4260-846c-7784248566f7
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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