October 15th, 2018: SP-500 Chart Update
Posted by pugsma on October 15, 2018
12:40 pm EST: The Primary (red) count is that Cycle 1 (C1) of Super Cycle V (SC-V) topped at 2941. The Cycle 2 (C2) wave is underway and will likely head for at least a 50% Fibonacci retrace of the C1 wave at 1805. Minor 3 of major [1]-PA-C2 looks like it bottomed at 2711. I’m expecting a minor 4 wave 23%/38% Fibonacci retrace to 2764/2798, before a final minor 5 of major [1] low near the 2695 pivot. From the major [1] low, there should be an even larger major [2] wave rebound that will ultimately fail below 2941.
The alternate (blue) count is that the 2941 high was only minor 1 of major [5]-P5-C1 and that this large drop is a minor 2 wave to the 62%/78% Fibonacci retrace target of 2726/2671. Once the minor 2 wave is complete the minor 3, 4, and 5 waves will take the SP-500 price to one more all-time new high above 2941 with a target of 3041. This alternate (blue) count is valid for minor 2 of major [5] above the major [4] low at 2595.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=e75926f8-cec4-4d8a-a00b-5aa30e998d20
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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