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May 16th, 2019: SP-500 Chart Update

Posted by pugsma on May 16, 2019

2:35 pm EST:  The SP-500 price movement has tracked the alternate (blue) wave labels on 15-min chart almost to perfection since the 2801 low on Monday.   However, the primary (green) count remains valid below the 2954.

A SP500 close above 2878 with an NYMO above zero and a new NYSE A-D line high, will mean the alternate (blue) count is the more likely outcome.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

9 Responses to “May 16th, 2019: SP-500 Chart Update”

  1. pugsma said

    That weak close is what the primary (green) needed: 1) back below 13-day EMA (2878) and 2) no new NYSE A-D high.

    Both wave counts very much alive..

  2. rat8nine said

    spx 60 – median line tag of the blue set on this move:

  3. pugsma said

    For the alt(blue) count 5-wave impulse to remain valid, the minute (4) wave must hold above the minute (1) wave 2852.

    Below 2852, before above 2892 means we only have 3-waves up and thus the primary (green) count minor B wave complete at 2882. A new low below 2801 would be next for Minor C of major [2].

  4. pugsma said

    New SP500 blog post for May 17th.

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