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.
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