July 11th, 2019: SP-500 Chart Update
Posted by pugsma on July 11, 2019
1:55 pm EST: The primary (white/green) count is that wave minute (3) of minor 3 of major [3]-P5-C1 is underway of the 2963 wave minute (2) low. However, so far this does not look and feel like a typical wave (3) or minor 3 of major [3] impulsive bull wave. There has been very little conviction and momentum on this move higher. This makes the alternate (blue) wave count nearly equally probable. However, a decisive break above 3046 would confirm the primary (white/green) wave count.
The alternate (blue) count is that major [5]-P5-C1 is just about to complete a bearish ending diagonal that began in early June from the 2729 major [4] low. Minor 4 of major [5] overlapped minor 1 at 2963 vs 2964 and now the minor 5 wave must terminate below 3046, so that the minor 5 wave is shorter that minor 3 (an E-wave and Ending Diagonal requirement). Note also the P5=P1 target is 3051, so that fits all very well here into a neat little E-wave package for the alternate (blue) waved count. Also, often a long bullish cycle is completed with a bearish ending diagonal that leads to a violent drop to kick-off a bearish new cycle. Finally the 3046 maximum for major [5]-P5-C1 also fits within the nearly 2-year long broadening top formation shown on the SP-500 daily chart.
Have a great weekend!!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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