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June 24th, 2019: SP-500 Chart Update

Posted by pugsma on June 24, 2019

6:00 pm EST:   For the primary (white/green) count the minor 1 of major [3]-P5-C1 target of 2954 has been satisfied with the move to 2964.   There should be a minor 2 wave pull-back to the 38%/50% Fib at 2874/2846 before the minor 3 of major [3] heads above 3100.  Ultimately P5-C1 should reach at 3287 by the end of the year and could even reach cup and handle target of 3561.   Note: a lot of things have to go right in the global economy and trade war for this scenario to play out to at Cycle 1 top has high as 3561.

The alternate (blue) wave count that fits well with the behavior of the equity markets the past two years.  It’s basically a large broadening top pattern that began in early 2018 as the SP-500 ran up to 2872.  Since then there has been a series of lower lows at 2533 and 2347 and higher highs are 2941 and 2954.   It very possible that the final slightly higher high is underway (hit 2964 today) and will end soon between 2964 and 3051 (where P5=P1).    This alternate (blue) count fits very well with the global slow down (i.e. possible coming recession), falling yields and inverted yield curve.  Note: I penciled in the quickest wave the SP-500 could make a wave minor 5 of major [5]-P5-C1 by Friday of this week.   However, it could take a month or more to slow develop this top.

House Keeping:   Next week is the last week of Q2-2019 (Apr-June) and the Semi-Annual-2019 (Jan-June).  Check your e-mails for the Q3 (July-Sept) and SA2 (July-Dec) sign up information.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

 

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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