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July 18th, 2019: SP-500 Chart Update

Posted by pugsma on July 18, 2019

4:50 pm EST:   The SP-500 dropped to 2973 today, then rebounded to close at 2995.

The primary (white/green) count wave minute (1) of minor 3 of major [3]-P5-C1 completed at 3018 and the minute (2) wave dropped to 2973, which was the 38%/50% Fibonacci retracement area of 2978/2964.  As long as wave minute (2) wave holds above the minor 2 low at 2913, the primary wave count remains valid.  Assuming wave (2) ended today at 2973, the wave (3)=1.62(1) target is at 3143.  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 likely 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.  If the SP-500 moves back above 3018, the alternate (blue) count remains valid below the End Diagonal maximum of 3046.

Have a great weekend !!!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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