October 18th, 2018: SP-500 Chart Update
Posted by pugsma on October 18, 2018
5:40 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. The minor 4 wave retraced to 2817 and now the final minor 5 of major [1] wave is likely headed to the 2695 pivot. From the major [1] low, there should be an even larger major [2] wave rebound towards 2872 pivot that will ultimately fail below 2941. The primary (red) wave count remains valid below the 2941 all-time high.
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 between the 62%/78% Fibonacci retrace at 2711. The minor 3 wave up has already put in wave minute (1) to 2817 and maybe wave (2) is complete today at 2755 between the 50%/62% Fibonacci retrace. Wave (3) of minor 3 should head for at last the 1.62 Fib extension of wave (1) at 2927. Minor 3 should make a new high above 2941 with the ultimate minor 5 of major [5]-P5-C1 triangle target at 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=ebc7fea1-aa2a-441f-b73a-e096c763cb7c
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
rat8nine said
spy 15
pugsma said
The small caps are leading down making refresh new lows…
pugsma said
House Keeping: SPX charts need no update after today’s range. Have a great weekend.
pugsma said
pugsma said
ThailandHawaii (@thailandhawaii) said
Hi Steve, I am watching your beloved Purdue vs my OSU. I have to tell you that I am rooting my heart out for them, because of Tyler Trent. Those that don’t know the story, should check it out. May God bless Tyler.
pugsma said
Yes, quite touching. Cancer sux!
pugsma said
Great Win…Boiler Up!
Cabell Maddux III said
One of the greatest wins ever in BIG contests with OSU. Really satisfying to watch Urban squirm like that. OSU got what they deserved when they hired him. Only thing more fun to watch yesterday was watching my Cavaliers hammer the Dookies.
pugsma said
The last time Purdue Football beat a top 1 or 2 team was 1984. I was a 17 year old freshmen at Purdue when we took out #2 Ohio State 28-23. I rushed the field that day and took part of the Ross-Ade turf back to my dorm. A Jim, don’t call be Chris, Everett led Purdue team defeated Notre Dame, Ohio State and Michigan that year. Great memories.
Last night I watched from home with 3 of my 4 children and my wife also a Purdue Alumni. It was a great night 😎
droc14 said
Nice abc off 2816 to complete (2) at ~62% under the blue count.