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August 29th, 2018: SP-500 Chart Update

Posted by pugsma on August 29, 2018

7:45 pm EST:  Today the SP-500 hit the long standing major [5]=[1] target at 2917.   However, it looks like it was the possible completion of minute (3) of minor 5 of major [5]-P5-C1.  Should see a small minute (4) wave pull-back to the 23%/38% Fibonacci retrace at 2903/2893 area.  Then a final wave (5) of minor 5 up to 2917 to 2941.

There is also the possibility that the triangle target of 3041 is in play now and in this alternate (blue) wave count, the SP-500 price is still in a minor 3 wave up, not minor 5.   Before adding this count onto the charts, let’s see what the next two days bring and the resumption of more active trader after the Labor Day Holiday.

House Keeping:  I’m leaving town tomorrow early for a long Labor Day Holiday Weekend.  The next blog update will be on Tuesday, Sept 4th at which time I will resume the 5-day per week blog post schedule.

Enjoy the final unofficial weekend of summer !!!

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=d6637992-8b94-4c64-ad19-76b172d22e1f

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

SP-500 monthly chart:

SP500 Technical Analysis

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