June 4th, 2019: SP-500 Chart Update
Posted by pugsma on June 4, 2019
3:10 pm EST: Today the SP-500 price rebounded to the 2801 to 2807 pivot resistance area.
The primary (green) count is that major [2]-P5-C1 bottomed at 2729, just above the 38% Fib of 2723. The initial minute (1) wave of minor 1 of major [3]-P5-C1 is underway that is likely to end near the 2807 pivot resistance. There should be minute (2) wave to a 50% Fib at 2765 before wave (3) heads to the (3)=1.62(1) target of 2882. Minor 1 of major [3]-P5-C1 will like reach the old high at 2954. Major [3]-P5-C1 should reach at least the 0.78[1] target at 3212 and P5-C1 should reach at least the 3287 target.
The alternate (blue) wave count is that major [2]-P5-C1 needs to correct lower than 2729 to at least the 50% Fib of 2651. The 2729 low as only the completion of wave minor Y (2nd Zig-Zag) of triple Zig-Zag correction for the major [2] wave. This move up is a second wave minor X of major [2]. The first minor X wave retraced to a 62% Fib at 2892. The 38%/50%/62% Fib retracement targets for this second minor X wave are at 2791/2810/2830. After this second minor X wave completes, there would a final minor Z of major [2] lower to the 50% Fib target at 2651.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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