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September 6th, 2018: SP-500 Chart Update

Posted by pugsma on September 6, 2018

4:45 pm EST:   Some irony here at the SP-500 price high of 2917 in late August 2018.  This 2917 price in August 2018 has been a long standing P5-C1 target, where wave major [5]=[1] and the Fibonacci time sequence cycle degree target.   However, the way the SP-500 approached this level under solid momentum and tremendous market breadth ($NYSE A-D Line new all-time highs), makes it unlikely to be the final Cycle 1 (C1) high.   The triangle target of 3041 up to the classic TA consolidation break-out target of 3211 are more likely now (see blue wave count).

Note: It will take a break below 2802 and 2791 to begin to confirm the P5-C1 top.

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

11 Responses to “September 6th, 2018: SP-500 Chart Update”

  1. pugsma said

    The German DAX at 11,927 is testing it’s March 2018 low at 11,727. A significant break below 11,727 triggers a massive year long head and shoulders top that measures to 11,727 – (13,597 – 11,727) = 9857 (-17% drop from here at 11,927).

  2. pugsma said

    The China Shanghai Index is at its year 2016 lows.

    • pugsma said

      Who’s winning the “Trade War”?

      If a US-China agreement is reached, the China Equity Market could explode higher to the red line around 4000 (48% gain from here at 2700).

  3. pugsma said

    The divergence between the USA equality markets and the rest of the world is stunning and the likes of which I can’t ever recall.

  4. pugsma said

    The “typical” bull market behavior on NFP Day is gap down open, then rise.

  5. droc14 said

    close today will be interesting as NYMO is approaching lower BB and could close below.

  6. MS53 said

    Possible IHS target at 2903 SPX.

  7. bobndusty said

    An up in equities might also fit with GLD finishing a current triangle into a downward 5th.

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