December 4th, 2018: SP-500 Chart Update
Posted by pugsma on December 4, 2018
2:00 pm EST: With today’s massive SP-500 price drop to 2702, it’s more and more likely that for the primary (red) wave count major [2]-PA-C2 wave completed as simple single Zig-Zag at 2815 at the 62% Fib retrace back in early November. This would imply this big drop is beginning of the minor 3 of major [3] wave down and this would get very ugly on a move toward SPX 2300. There is still some small chance of a double Zig-Zag W-X-Y up to 2842 or the 78% Fib retrace at 2867, but this move down must hold the 2695 pivot which is a 62% Fib retrace of the 2631 to 2800 move up. The wave count would be a wave (b) of minor Y of major [2]-PA-C2. The final wave (c) up of minor Y would be next.
The alternate (blue) wave count this that this move down is the expected wave (2) of minor 3 of major [5]-P5-C1 to the 62% Fib retrace of 2695. Next would be a wave (3) of minor 3 wave move much higher toward 2969, where (3)=1.62(1).
A close back above the 13-day EMA of 2725 today is critical for any bullish resolution back above 2800.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=d7cfe116-1648-439c-b337-28b28d65aee5
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.