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May 6th, 2019: SP-500 Chart Update

Posted by pugsma on May 6, 2019

6:00 pm EST:   For the primary (white/green) wave count, the minor 4 of major [5]-P5-C1 wve needed some more work to the downside and today the SP-500 price dropped to 2898, just above a typical 39% Fib retrace at 2895, before recovering to 2937.  Wave minor 5 of major [3]-P5-C1 should be underway now, with a nice positive divergence on the 60-min MACD.  The major [3] target remains at 3013.

Note: A break below 2852, would bring into play a P5-C1 (cycle degree) top at 2954 (red labels).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

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