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July 16th, 2018: SP-500 Chart Update

Posted by pugsma on July 16, 2018

5:25 pm EST:   Today’s very small SP500 price range (2793 to 2804) did nothing to resolve the wave counts.

The primary count has been split into to subtly different wave formations (green and blue).  Both of these counts point much higher to a P5-C1 top at 3041 late in year 2018.   The primary (green) count is in a wave (3) of minor 3 of major [5]-P5-C1 move higher and will move toward the wave (3)=1.23(1) = 2900 target with little to no pull-backs (lock-out rally).   The alternate (blue) count version has wave (1) of minor 3 ending here near the 2807 pivot, which should be followed by a wave (2) pull back to the 50% Fib at 2748 before the wave (3) of minor 3 up move begins in unrest.

The old alternate (red) count with a P5-C1 top at 2871 has been re-introduced.  The 2798 high is precisely a 78% Fibonacci retracement of the drop from 2872 to 2533.   This looks like a possible major [2]-PA-C2 flat.  The next wave down would be a devastating (to the bulls) major [3]-PA-C2 wave toward [3]=1.62[1] target at 2247.  A break below the recent low of 2692 would make this alternate (red) count much more likely.

House Keeping:  I’m traveling Tuesday and Wednesday.  The next blog update will be late day Wednesday or early Thursday.

SP-500 15-min chart real-time link:

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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