February 1st, 2019: SP-500 Chart Update
Posted by pugsma on February 1, 2019
4:20 pm EST: It time to fine tune the two completing wave counts. The SP-500 price is a critical point here just below the 200-day SMA (2742). In bear markets, once the SP-500 price dips more that 10% below the 200-day as it did on the drop to 2347 in late December 2018, the SP-500 price rebounds are typically contained by the flattening to falling 200-day SMA. Thus, for the primary (red) Cycle 2 (C2) bear market wave count to be correct, the SP-500 price must begin to flatten and fall from this 2742 area.
The primary (red) wave count is that PX-C2 is topping here below the 200-day SMA of 2742. Next should be a PY wave much lower than 2347. The PY =1.62*PW target is at 1754, which is near the 50% Fibonacci retrace (1804) of the Cycle 1 (C1) wave.
The alternate (blue) wave count is that P5-C1 is underway since the P4 low at 2347 and should make a new all-time high near 3050/3100. That major [1]-P5 wave is topping here near 2717 and the typical major [2] Fibonacci retrace target of 38%/50% is at 2576/2532.
Have a great weekend !!!
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2d230a84-6c3b-44e2-acb4-8d814e16d39d
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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