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May 8th, 2019: SP-500 Technical Analysis

Posted by pugsma on May 8, 2019

12:40 pm EST:   The SP-500 2900.50 level is a very important level today.  A break above 2900.50 likely means the primary (green) wave count major [4]-P5-C1 low is in place at 2862.60 and the major [5] rally to P5=P1 at 3051 is underway.   If SP500 does not break above 2900.50, a new lower low below 2862.60 is very likely per the alternate (red) wave count, where P5-C1 topped at 2954.   In this case, the target for major [1]-PA-C2 is at 2845.  Note: C2 (Cycle 2) is major bear market wave to new lows below 2347 that will last over a year or two.

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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