June 26th, 2019: SP-500 Chart Update
Posted by pugsma on June 26, 2019
5:00 pm EST: Today’s drop to 2913 is likely minute (a) of minor 2 of major [3]-P5-C1 per the primary (green) wave count. There should be a minute (b) wave bounce up to the re-test the 2941 pivot before a (c)=1.62(a) drop to the 38%/50% Fib area of 2874/2846. However, it is also possible that the drop to 2913 is all of minor 2. There is potential positive divergence on the 15-min chart MACD and the 60-min chart RSI. Also, small caps (IWM) have already retraced to a 50% Fib.
For the alternate (blue) count the drop 2913 is likely minor 4 of major [5]-P5-C1. There should be more push above 2964 for minor 5 to complete major [5]-P5-C1. The maximum for minor 5 is at 3002, so that the minor 3 wave is not the shortest wave of major [5].
House Keeping: This 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:
SP-500 60-min chart:
SP-500 4-hr chart:
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