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August 21st, 2018: SP-500 Chart Update

Posted by pugsma on August 21, 2018

5:45 pm EST:   The primary (white/green) wave count hit the2863 to 2872 target range today for wave (1) of minor 5 of major [5]-P5-C1.   The 38%/50% Fibonacci retrace for the wave (2) is at 2846/2838.   Ultimately major [5]-P1-C1 is expected to top near the major [5]=[1] target of 2917.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=f02842bc-3429-41ea-8587-895ef330f1fd

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

8 Responses to “August 21st, 2018: SP-500 Chart Update”

  1. lauter1 said

    Pug, your 2872 target for (1) was a thing of beauty! Really well done. May I ask how that was derived? I’ve been looking for a fib extension that hits that level, but havn’t found it. Thanks.

  2. pugsma said

    Just and FYI: Today’s new all-time high on the SPX at 2873, did EVERYTHING required to complete the minor 5 of major [5]-P5-C1 top. Break below 2802 to begin to confirm a critical top.

  3. rat8nine said

    spy 15 and spx 60. The red lines on spy 15 show the 1.128 and 1.27 external retracement, and price hit line of the blue set. As Steve pointed out, spx has reached to where [5]=.886*[1] at 2873

  4. chrys50 said

    Inverse H&S on the 5 minute chart with H at 2873 and neckline at 2856. Target is 2839 near the wave (2) target. Also, wave (2) appears to be subdividing into an ABC correction with c = 1.62 x wave ‘a’ at 2838.

  5. pugsma said

    No SPX update tonight, as the small price action today made no impact.

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