July 23rd, 2019: SP-500 Chart Update
Posted by pugsma on July 23, 2019
5:15 pm EST: The SP-500 opened higher today and closed up at 3006, but no new high above 3018 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 2978/2966. It looks like wave minute (3) might be off to a wave i-ii start at 3006, 2976 respectively the past few days. Now wave iii-(3) is underway with an initial target at 3062, where i=2.62*i .Assuming wave (2) ended 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 still remains valid below the End Diagonal maximum of 3046.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.