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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:

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


13 Responses to “December 10th, 2018: SP-500 Chart Update”

  1. rat8nine said

    Ah….now I see the potential blue ABC. This is a very interesting moment, in that price keeps stopping just where it needs to stop to make for perfection fib wise and median line wise in both directions, and to frustrate trend traders in both directions. Here is spy 60. It’s a little cramped, but it’s interesting to note that the .618 of the drop from 280.40 is pretty much in line with the .618 of the larger drop from 293.22.

  2. kazoom1618 said

    SPX 60min – nice backtest of the falling wedge (blue)

  3. John Morey said

    Steve, what do you think ?
    On the way to Blue 1 at 2760, with minute 1 @ 2675, then zig sag down to 2600 with a = c for minute 2 ?
    Or did we fall short of red 2 at 2675 on the way down to red 3 ?

  4. rat8nine said

    Eye on the dollar….uup potential target area at the double external retrace zone between 26.07 – 26.12

  5. rat8nine said

    qqq 60 – qqq is the index that did not make a lower low yesterday, has a number of the weak story stocks in its top holdings – aapl, googl, fb – and led the indexes down in early october. I’m watching what was so far a retest yesterday, and noting the positive cci divergence that has been building since late october….

  6. hmeda said

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