June 6th, 2019: SP-500 Chart Update
Posted by pugsma on June 6, 2019
5:00 pm EST: The primary (green) count is that major [2]-P5-C1 bottomed at 2739 and the minor 1 of major [3] wave is underway headed for the 2954 area. Minute (1) completed at 2820, minute (2) at 2801 and now minute (3) is headed for at least the 1.23(1) target at 2901. The primary (green) count remains valid above 2739.
The alternate (blue) count is that only wave minor W of major [2] completed at 2739. This move up to the 50%/62% Fib at 2851/2869 is a minor X wave of a double Zig-Zag for major [2]. Once complete there will be another big drop for the minor Y of major [2] wave to a more typical 50%/62% at 2658/2758. Note that on the 4-hr chart there is a potential large head an shoulders (H&S) topping pattern on the SP-500 with head at 2954, neckline at 2739 and target of 2524. A break below 2739 triggers the pattern. The alternate (blue) count remains valid for the minor X wave below 2954.
House Keeping: I’m moving to the usual summer schedule from Memorial Day to Labor Day, where I don’t make a blog post on Fridays.
Have a great weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 Daily Chart:
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