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August 8th, 2018: SP-500 Technical Analysis

Posted by pugsma on August 8, 2018

5:10 pm EST:  There are now clearly 5-wave up from the minor low at 2692 to 2863.  The price movement is 171 points, and is less than the 196 points of the minor 1 of major [5]-P5-C1 move from 2595 to 2791.  Thus, it’s unlikely that this is all of the minor 3 wave, unless we are looking at an ending diagonal (M5<M3<M1) for major [5]-P1.  Note: this ending diagonal, alternate (alt red) count is the most bearish, meaning the P5-C1 top is very near the 2872 all-time high. ED M4 target is 38% Fib at 2798 and then M5 back up 2872 for a double top completing P5-C1.

The primary (green/white) count is wave (5) of minor 3 of major [5]-P5-C1 is underway head for the M3=M1 target of 2888 or the M3=1.23*M1 target of 2933.   The primary count is likely headed for a target at major [5]=[1] of 2917.

The alternate (blue) count is that wave (1) of minor 3 of major [5]-P5-C1 is ending at 2762 and wave (2) pull-back to a 50%/62% Fibonacci retrace at 2778/2757 is next.  This alternate (blue) is the most bullish as it likely means the triangle target of at 3041 will be reached.

House Keeping:   I’m out of town Thursday-Friday, thus no blog updates.

SP-500 15-min chart:  http://www.freestockcharts.com?emailChartID=c694460f-ac03-4594-a0a1-8a09b71a3f6a

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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