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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

 

 

2 Responses to “May 23rd, 2019: SP-500 Chart Update”

  1. MS53 said

    👍👍

  2. pugsma said

    AAII Weekly Sentiment shows only 24% Bulls (as low as Dec 24th, 2018 when the SP500 bottomed at 2347) and this survey does not include today’s market price action.

    Elliott Wave Theory is built upon contrarian sentiment…

    https://www.aaii.com/sentimentsurvey/sent_results

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