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August 23rd, 2018: SP-500 Chart Update

Posted by pugsma on August 23, 2018

6:00 pm EST:  With the SP-500 new All-time high at 2873 this week, EVERYTHING required to satisfy the P5-C1 top is now in place.  There is building negative divergence (-DIV) across all time frames from the weekly to the 4-hr charts.   Eventually this -DIV on the weekly will usher in the Cycle 2 (C2) wave 50% retrace towards 1792.

The minute (2) of minor of minor 5 of major [5]-P5-C1 wave has already pulled back 19 points to 2854.   The typical Fibonacci targets is the 50% retrace at 2838.   After minute (2) complete, there are only 3 waves (3), (4), (5) left to the top of P5-C1.  The ideal target for the P5-C1 top is major [5]=[1] = 2917.

Have a great weekend !

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

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

8 Responses to “August 23rd, 2018: SP-500 Chart Update”

  1. Tomas Jarvik said

    Novice question – do after hours and pre-market prices have any affect on wave counts? For example, SPX fell to 2846 Tuesday after hours, which would exactly satisfy the current minute (2) wave target. But not valid if not during market hours? tj

  2. rat8nine said

    spy 15 – fascinated area up here from a median line standpoint, where:

    286.01 – 280.16 = 1.27 at 287.59
    287.31 – 285.43 = 1.128 at 287.55

  3. Traucote said

    This move feels like a wave (3) but the (2) retrace was kind of shallow. Do you think we might still be on wave (1)? Thanks!

  4. chrys50 said

    Steve – does the triangle target (3041) look more likely now?

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