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June 18th, 2019: SP-500 Chart Update

Posted by pugsma on June 18, 2019

2:30 pm EST:  As expected the movement out of the tringle consolidation is in the direction of the move into the triangle (up).   Looking for minor 1 of major [3]-P5-C1 to complete between 2931 (the minimum triangle target) and 2954 (old all-time high).   But keep in mind that the SP-500 is in a major [3] bull wave and most surprises during a major [3] bull wave are upward (i.e. pull-backs are muted and are a typically bought aggressively).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


2 Responses to “June 18th, 2019: SP-500 Chart Update”

  1. Rodney Mruk said

    This quote from a Market Watch article is amazing to me,
    “Allocations to equities are at their lowest levels in history, while the month-over-month jump into cash and cash-like assets, was its biggest since August 2011.”
    As a contrarian, this is quite bullish.

    The link to the article is

  2. kazoom1618 said

    SPX daily:

    I’m sure this has already been noticed, but the ‘V’ down to Jan 2019 looks remarkably like the ‘V’ down to June 2019 – choppy on the way down, ramp back up with urgency.

    If this fractal plays out – target above 3020, in line with PUGs +3000 targets.

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