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October 4th, 2018: SP-500 Chart Update

Posted by pugsma on October 4, 2018

3:20 pm EST:   The primary (white/red) count is that P5-C1 topped at 2941 and the first minor 1 of major [1]-PA-C2 wave down to the 1825 area is underway.

The alternate (blue) count is that minor 3 of major [5]-P5-C1 completed at 2941 and now a minor 4 wave is underway the 23%/38% Fibonacci retrace of 2884 to 2846.  The 23% Fib of 2884 was hit today.

SP-500 15-min chart real-time link:   http://www.freestockcharts.com?emailChartID=1d0e6915-f5c0-4789-b94a-3f0947441644

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

4 Responses to “October 4th, 2018: SP-500 Chart Update”

  1. MS53 said

    Steve, for the primary are we looking for a wave ii of (3) bounce here off yesterday’s low ?

  2. rat8nine said

    not spx, but nflx – how median line sets help sort trade targets, once key fib relationships are in place, in the context of the indexes making their moves. Here is nflx 15 then and now….what a difference a couple of days makes:

  3. rat8nine said

    spy 60 and 15 – if the alternate blue count picks up price at the .382 area, on spy it is at 283.31. Looking at the 15 minute chart, coincidentally that aligns with where 285.42 – 293.22 = 1.27 at 283.31 somewhere around the lower line of the purple median line set. That would be a most interesting place for price to turn, keeping both counts alive. That would then mean that the counts can’t be sorted out until it is seen how high price moves up, either in minor 2 (red), or minor 5 (blue).

  4. pugsma said

    House Keeping: I won’t be be at my home office until late tonight. October 5th update will be very late or on Saturday.

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