May 17th, 2019: SP-500 Chart Update
Posted by pugsma on May 17, 2019
1:30 pm EST: The 2852 level separates the two wave counts. Below 2852 before above 2892 is the primary (green) wave count to a new major [2] low below 2801 with a target at the 38% Fib of 2723. Above 2992 without breaking 2852, is the alternate (blue) wave count that the major [2] low is in place at 2801 and the major [3] wave up to new highs above 2954 is currently underway.
Note: This morning the SP-500 dropped to 2854 without breaking the critical 2852 level. However, the small caps (IWM) continue to lag and broke below the SP500 2852 equivalent level. Typically the small caps will lead and impulsive rally higher (i.e. for example a major [3] wave kick-off per the alternate blue wave count). The fact that small caps are lagging in this move up from 2801 is more indicative of a minor B wave rally per the primary (green) wave count. Things change rapidly, so the small caps (IWM) bares watching…
Details and targets for each wave count are shown on the charts below.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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