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December 10th, 2018: SP-500 Chart Update

Posted by pugsma on December 10, 2018

3:05 pm EST:  Today the SP-500 hit 2582 a slightly lower low below the October low of 2604.   At this point I believe the counts are about equal, although I’m seeing some signs that the blue count will win out.   We’ll just leave them labeled as red and blue until more price movement occurs.

The red wave count has major [2]-PA-C2 ending at 2800 as a flat wave off the October 2604 low.  The drop from 2800 to 2583 is wave minor 1 of major [3]-PA-C2.    Next should be a minor 2 bounce to the 50%/62% Fibonacci retrace target of 2692/2717.  After this minor 2 bounce there should be a really nasty wave minor 3 of major [3] wave drop towards 2300.  Ultimately, PA-C2 should reach the 2100 area.

The blue wave count has found a potential major [4] of P5-C1 low at 2583, where C=0.62A=2591.  However, there are potentially lower lows for major [4] at C=0.78C= and 2537 and C=A=2463. Once major [4] ends, there should be more all-time high above 2941 to complete major [5]-P1-C1.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=85232e2a-9156-4600-b298-f93ac50bb0a8

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


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