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July 2nd, 2019: SP-500 Chart Update

Posted by pugsma on July 2, 2019

5:45 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.  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 a 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 minor 5 wave needs to draw out a week or two at as bearish rising wedge that remains below 3002 and that likely sets-up a negative divergence on the NYSE A-D line.  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.

House Keeping:   The US Stock Markets close early at 1pm EST, on Wednesday, July 3rd and are close all day Thursday for the 4th of July Independence Day Holiday.  US Stock Markets will be open on Friday, July 5th.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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