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May 2nd, 2019: SP-500 Chart Update

Posted by pugsma on May 2, 2019

4:30 pm EST:  Looks like the minor 3 wave extended 1.23*minor 1 up to 2950 and now a more typical minor 4 wave Fib retrace to between the Fib 23%/38% targets of 2912/2887.   Assuming minor 4 completed today at 2901 as a flat, the minor 5 wave is underway to reach above 3000.   Major [3] target remains at 3013 and P5-C1 at 3051, where P5=P1.

It’s important here to point out that now that the SP-500  price has exceeded the previous all-time high of 2941 from September of 2018, the P5-C1 wave has satisfied its requirement.  Meaning the P5-C1 top could be in place at 2954 or very close to in place (i.e. primary count P5=P1 target of 3051).  A break below 2852 (yellow line on 60-min chart) would be the first warning sign of a P5-C1 top.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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