July 1st, 2019: SP-500 Chart Update
Posted by pugsma on July 1, 2019
5:00 pm EST: Per the primary (white/green) count the SP-500 has been in a major [3]-P5-C1 bull wave since the 2729 low in early June. As always during a major [3] bull wave, “surprises are to the upside”. Today was a great example of this. Minor 2 of major [3] appears to have been a shallow pull-back that ended last week at 2913. Minor 3 of major [3] is likely underway with at target of at least 3203, where minor 3 =1.23*minor 1. Ultimately P5-C1 should reach the 3300 to 3600 area.
The alternate (blue) count has minor 5 of major [5]-P5-C1 underway off the recent 2913 low. Meaning this alternate (blue) count is in the last gasp of the 10 year Cycle 1 of Super Cycle V bull market. The maximum target of minor 5 is at 3002, so that the minor 3 wave is not the shortest (Elliott Wave Rule).
So it’s pretty simple here, a break above 3002 will eliminates the alternate (blue) count and confirms the primary (white/green) count.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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