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July 24th, 2019: SP-500 Chart Update

Posted by pugsma on July 24, 2019

3:40 pm EST:   Slightly weak open and then a strong move up to a new all-time high above 3017.80.

The primary (white/green) count wave minute (3) of minor 3 of major [3]-P5-C1 is underway with a wave (3)=1.62(1) target at 3143.  It looks like wave minute (3) got 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    The minor 3=1.23*minor 1 target is at 3203, the major [3] target is near 3200 and P5 target is near 3300.

The alternate (blue) count has been modified to show a standard major [5] impulse from the major [4] low at 2729 and not an ending diagonal major [5].   Wave minor 3 ended at 3018 and minor 4 ended at 2973.  Now the final minor 5 wave is headed for a target at 3038, where minor 5 = 0.62*minor 3.  Minor 5 can not exceed the 105 points of minor 3 and thus the top end of this alternate (blue) wave count is at 3078 (invalid above 3078).  Note P5=P1 at 3051.

SP-500 15-min chart:

SP500 Technical Analysis

 

SP-500 60-min chart:

SP500 Technical Analysis

 

SP-500 4-hr chart:

SP500 Technical Analysis

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