July 25th, 2019: SP-500 Chart Update
Posted by pugsma on July 25, 2019
2:50 pm EST: Weak open followed by a mid-day drop to 2997.
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. As long as the wave ii-(3) low at 2976 holds, wave iii-(3) is underway with an initial target at 3062, where i=2.62*i. A break below 2976 would signal that wave minute needs to reach the 50%/62% retrace targets of 2966/2954. 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). Recall the long term-term Primary 5 (P5) wave target has been P5=P1 at 3051. Note that the new 3020 high on Wednesday qualifies as a complete minor 5 wave (above 3018) for the end of major [5]-P5-C1.
Have a great weekend !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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