March 1st, 2019: SP-500 Chart Update
Posted by pugsma on March 1, 2019
1:00 pm EST: The primary (white/green) wave count is that major [1]-P5-C1 ended at 2813 and the major [2] wave is underway to a 23%/38% Fibonacci retrace at 2705/2636. Minor W of major [2] looks to have completed at 2775. Minor X looks to have completed today at 2808. Next there should be at least one more minor Y wave down to the 2695 pivot. Breaking below the 2759 pivot will confirm this primary (green) wave count.
The alternate (blue) wave count is that major [3]-P5-C1 has been underway since the major [2] low at 2444. Minor 1 of major [3] ended at 2675, minor 2 at 2613. Since the minor 2 low at 2613, the minor 3 wave has been underway with a target to at least the minor 3 = 1.38*minor 1 at 2932. Within minor 3 wave minute (1) completed at 2739 and minute (2) at 2682. The minute (3) =1.62*(1) target is at 2886.
In the end, both wave counts are headed for P5=P1 target at 3051 to complete Cycle 1 (C1). It is simply a matter of the wave path to this target. The primary (green) count should see a significant pull-back for major [2] next and the alternate (blue) count sees the major [3] wave continuing to march relentlessly higher.
House Keeping: I’m leaving the country on a 9 day vacation beginning Sunday, March 3rd and returning Monday, March 11th. There will be little to no blog updates during this time, as I don’t know when and if I’ll have internet access.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6ad30934-d69e-4838-9219-0758fdc9b8aa
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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