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May 7th, 2019: SP-500 Chart Update

Posted by pugsma on May 7, 2019

2:00pm EST:   The SP-500 has either top P5-C1 at 2954 (alternate red) or is very close to topping P5-C1 at 3051 (primary green).   The critical level to watch is at 2817.

For the primary (green) wave count, the move lower from 2954 to 2871 (thus far) has been changed to a major [4] wave with a 38% Fibonacci retrace target at 2866.   The major [1] wave high is at 2817, so the major [4] wave must remain above 2817 to keep this primary (green) wave count valid.   Once major [4] completes, there should be one more major wave [5] higher to at target at P5=P1=3051.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP-500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 Daily Chart:

SP500 Technical Analysis

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