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:
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