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November 8th, 2018: SP-500 Chart Update

Posted by pugsma on November 8, 2018

2:35 pm EST:  The primary (red) count is a minor C of major [2]-PA-C2 wave headed towards a C=A target of 2853, which is between the 62%/78% Fibonacci retracement target of 2813/2867 for major [2].   Wave (3) of minor C looks to have completed at 2815.  Next is a wave (4) retrace of 23% to 2798, before the final wave (5) of minor C to 2853.

The alternate (blue) count us the minor 3 of major [5]-P5-C1 is underway with a target at 2949, where minor 3 = 1.62*minor 1.  Within minor 3, minute wave (1) looks to have completed at 2815.   Next is a minute (2) retrace to the 50%/62% Fib of 2758/2744.  Ultimately major [5]-P1-C1 will make a new all-time high above 2951, with a major [5]=[1] target at 2988.  There is also potential bullish inverse head and shoulders (IHS) pattern in play with head at 2604 and neckline at 2817.  A break above 2817, leads to IHS measured move target of 2817 + (2817-2604) = 3030.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=d3dcfad2-9fe1-45ae-9370-bb374db7eb74

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