July 3rd, 2019: SP-500 Chart Update
Posted by pugsma on July 3, 2019
1:35 pm EST: Today saw the SP-500 close and new all-time high of 2996 and also a new all-time high on the DJIA 26,966 breaking the old high of 26,952 set back on October 3rd, 2018. Thus, the DJIA has confirmed the SP-500 in making a new all-time high. The Nasdaq hit 8170 today, just 6 points short of the all-time high of 8176 set April 4th, 2019.
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 maximum target of minor 5 is at 3002, so that the minor 3 wave is not the shortest (Elliott Wave Rule). Thus, with today’s SP-500 move up to 2996, the alternate (blue) count is nearly dead.
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 are closed Thursday for the 4th of July Independence Day Holiday. US Stock Markets will be open on Friday, July 5th. As usual in the summer I don’t post updates on Friday. The next blog update will on Monday, July 8th.
Have a safe and fun 4th of July Holiday and long weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.