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June 17th, 2019: SP-500 Chart Update

Posted by pugsma on June 17, 2019

5:55 pm EST:    The NYSE A-D making a new closing all-time high on this past Thursday’s (6-13-19) says that a new all-time SP-500 price high is likely soon.   The short-term (a day or three) wave count is unclear as a triangle has formed.  Typically in a strong up-trend coming into a triangle the price will break-out in the path of the up-trend.  Meaning that this triangle is more like a wave (4) of minor 1 of major [3]-P5-C1 (alternate blue) than a wave (b) of minor 2 of major [3]-P5-C1 (primary white/green).  We will find out the answer soon.  However, regardless of which short-term wave count is followed the SP-500 should break above 2954 soon, as the SP-500 is in a major [3]-P5-C1 wave headed much higher.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

5 Responses to “June 17th, 2019: SP-500 Chart Update”

  1. kazoom1618 said

    Happy Fibonacci day! 6/18

    Although we use his ‘made-up’ name constantly in TA, his main contribution was converting Europe from Roman numerals to the Arabic numeral system, which led to the growth of banking and accounting in Europe.

    from Wiki:
    Fibonacci (c. 1170 – c. 1250) was an Italian mathematician from the Republic of Pisa, considered to be “the most talented Western mathematician of the Middle Ages”.
    The name he is commonly called, “Fibonacci” was made up in 1838 by the Franco-Italian historian Guillaume Libri and is short for filius Bonacci (“son of Bonacci”). He is also known as Leonardo Bonacci, Leonardo of Pisa, or Leonardo Bigollo (“traveller”) Pisano.

    Fibonacci popularized the Hindu–Arabic numeral system in the Western World primarily through his composition in 1202 of Liber Abaci (Book of Calculation). He also introduced Europe to the sequence of Fibonacci numbers, which he used as an example in Liber Abaci.

  2. pugsma said

    The minimum triangle target of 2911 + (2911-2875)/2 = 2929 was met.

    The maximum triangle target of 2911 + (2911-2875) = 2947 is still out there.

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