July 17th, 2019: SP-500 Technical Analysis
Posted by pugsma on July 17, 2019
6:00 pm EST: The bearish rising wedge, Ending Diagonal (ED) on the 15-min chart that I’ve been tracking has broken down.
Slight adjustment here now sees the primary (white/green) count wave minute (1) of minor 3 of major [3]-P5-C1 completed at 3018 and the minute (2) wave is now dropping to the 38%/50%/62% Fibonacci retracement at 2978/2964/2953. As long as wave minute (2) wave holds above the minor 2 low at 2913, the primary wave count remains valid. The minor 3=1.23*minor 1 target is at 3203, the major [3] target is near 3200 and P5 target is near 3300. A decisive break above 3046 would confirm the primary (white/green) wave count.
The alternate (blue) count has topped Cycle 1 (C1) at 3018 to complete minute (c) of minor 5 of major [5]-P5-C1. The Cycle 2 (C2) wave down to below 2347 is now in its beginning stages. Breaking below 2913, would be a good first step in confirming the C1 top at 3018. The alternate (blue) count remains valid below the End Diagonal maximum of 3046.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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