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May 23rd, 2019: SP-500 Chart Update

Posted by pugsma on May 23, 2019

5:10 pm EST:   Today the SP-500 price re-tested the 2801 low, hit 2805 and closed at 2822.   This re-test of 2801 set-ups up a potential double bottom (2801, 2805) with target of 2983 on a break above 2892.

The primary (green) wave count is that minor 2 of major [3]-P5-C1 completed today at 2805.   The minor 3 wave should be underway with target of 3188, where minor 3 =4.21*minor 1.  The major [3] target is at 3275, where [3]=0.78[1].  Ultimately P5-C1 should reach the large IHS target of 3287.

The alternate (blue) wave count is that major [2]-P5-C1 has some more work to the downside to the 38% Fib retrace at 2723.   The minor C wave of major [2] is underway from the minor B high at 2892.  Minor C=A at 2739.  Within minor C, wave minute (3) is underway from the minor (2) high at 2868 and targets 2770, where (3)=1.62(1).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

 

 

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