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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:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis


SP-500 weekly chart:

SP500 Technical Analysis

One Response to “October 29th, 2018: SP-500 Chart Update”

  1. kazoom1618 said

    SPX daily – will the red channel hold?

    Looking for a backtest of the broken blue channel next.

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