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April 22nd, 2019: SP-500 Chart Update

Posted by pugsma on April 22, 2019

5:10 pm EST:  The SP-500 primary (white/green) wave count continues higher in a wave major [3]-P5-C1 toward the [3]=0.61[1] target of 3013 and P5=P1 at 3051.  Note: that there is an alternate (blue) wave count with an even bullish target at 3287 (see the 4-hr chart large IHS).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

7 Responses to “April 22nd, 2019: SP-500 Chart Update”

  1. Rodney Mruk said

    Yesterday, 4/22, daily OBV made another new ATH. This lends support to wave counts calling for new ATH’s in SPX. Of course we are now only 0.50% away from such highs. Great analysis Steve.

  2. pugsma said

    Note: the IWM (small caps) are just about to break out above a bullish IHS neckline at 158. The head was roughly 126, so the target is 158 + (158-126) = 190.
    That’s a potential 20% upside move in IWM from here.
    This would no doubt take the SPX to its bullish IHS target near 3300.

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