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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:

SP-500 15-min chart:

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SP-500 60-min chart:

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SP-500 4-hr chat:

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6 Responses to “November 8th, 2018: SP-500 Chart Update”

  1. The blue count 1, how far up does the market have to go to negate the blue 1, can it go too 2853?? then back down to 2753??? then back up?

  2. Market seems to calm to be in an ending wave 2… or is that how its supposed to happen? It would be a perfect set up if the market hits 2853 tomorrow and then drops on Tuesday… No one would be expecting it?

  3. rat8nine said

    spx daily – median line hit at .618

  4. pugsma said

    Minute (4) 38% Fib is 2786.

  5. kazoom1618 said

    SPX 60in – at gap support, channel support:

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