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December 7th, 2018: SP-500 Chart Update

Posted by pugsma on December 7, 2018

4:00 pm EST:   No change in the wave counts.

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

40 Responses to “December 7th, 2018: SP-500 Chart Update”

  1. MS53 said

    It’s been another great year, Steve, my most profitable yet. I made my first trade here in November, 2010. It was a call you had for a big jump out of price compression. After that tidy profit I was hooked. We are all so fortunate to have an EW TA guide like you. Happy Holidays to you and your entire family. Mike Smith.

  2. pugsma said

    So in the last 3 days I’ve now read at 3 talking head calls for a 20% correction, which is 2350 to 2100 depending on from the top or here at 2600.

    Of course this has been my primary wave count for a very long time with my PA-C2 target around 2100.

    Bad news is this becomes the talking head consensus now, look out for the alternate blue count first.

  3. pugsma said

    Yet another example of the lows are rarely on a Thursday or Friday.

  4. pugsma said

    This is now the proper test of the 2604 October low, where NYMO bottomed at -64 vs a 2635 SPX close.

    Any SPX close be low 2635 and NYMO above -64 is potential 2+ month + Div.

  5. chrys50 said

    Does it matter that the late October low has been breached?

  6. MS53 said

    Keeping an eye on step 1 of the SPX /NYMO/VIX trifecta at the close.

  7. John Morey said

    Are we looking for a new red [1] now ?

  8. pugsma said

    I see a good Alt blue count major [4], where C=A at 2570.

  9. rat8nine said

    speaking of bringing the indexes into sync, there is one index that has not mad a lower low today – so far, which is the one that made a lower low last week….qqq 60

  10. pugsma said

    FYI im leaning towards alt blue becoming primary green going into spring 2019.

  11. chrys50 said

    Not sure if this is orthodox EW but couldn’t wave X (under current Red count) be slightly below the starting point (2603) of wave W and still be valid for a move up to wave Y? Wave W * 1.381 = wave Y = 2875. Or wishful thinking?

  12. pugsma said

    According to WordPress alert my blog hit stats are booming…,

  13. rat8nine said

    iwm turned down before all the other indexes, but is actually quite benign here, at 141.45, where:

    90.21 – 172.93 = .382 at 141.33
    144.70 – 157.90 = 1.27 at 141.14

  14. MS53 said

    SPX 60 min MACD flashing an initial bottom at 1pm., can confirm at 2 pm

    • ruscitti said

      Wouldn’t an alternative red count be that we just completed an a-b-c of a larger A, and we are now potentially beginning the B wave move. Both this count and your blue count argue for a pretty good counter trend move. However, the ABC scenario will fool a lot of investors who will think new highs are coming just before the rug is pulled from them.

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