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June 11th, 2019: SP-500 Chart Update

Posted by pugsma on June 11, 2019

5:00 pm EST:  For the second straight day the SP-500 gapped up at the open and sold off all day.  This is typically a sign of price exhaustion, leading to a significant retracement or worse.

The primary (green) wave count is that minor 1 of major [3]-P5-C1 completed at 2911.  A minor 2 wave move down to a 50%/62% (2820/2798) Fib retracement at the 2807 pivot should be next.  The 2807 pivot area is critical support now.

The alternate (blue) wave count is that minor X of major [2]-P5-C1 completed at 2911.   A minor W or major [2] wave drop to a new low below 2729 should be next.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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