October 29th, 2018: SP-500 Chart Update
Posted by pugsma on October 29, 2018
5:10 pm EST: Potential bullish falling wedge on the 60-min chart with strong MACD +DIV. $NYMO also displaying strong +DIV.
The primary (red) count is still searching for the major [1]-PA-C2 bottom. Today’s new low at 2604, held the 2595 pivot and quickly rebounded to the 2641. I’m still looking for a significant major [2]-PA-C2 wave rally to materialize soon. I’d expect a strong 62% to 78% Fibonacci retracement to 2813/2867 for the major [2] wave, before a much larger major [3] wave drop.
Alternate (blue) count wave degree moved from minor to major degree, with similar forecast for a new major [5]-P5-C1 move to all-time new high at 3000 to 3200. Looking for major [4] of P5-C1 to hold the wave of previous degree (minor 4 of major [3]) low of 2595. The C=A target for major is 2587. Today’s low was very close at 2604.
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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