PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

July 22nd, 2019: SP-500 Chart Update

Posted by pugsma on July 22, 2019

4:50 pm EST:  Bounce to 3006 on Friday, then a pull back to 2976, but no new low below 2973 yet.

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.  It’s also possible that the drop to 2973 was only wave a-(2), the move up to 3006 was b-(2) and now c-(2) is headed for the c=a target of 2961.   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.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 

Leave a Reply

 
%d bloggers like this: