July 31st, 2019: SP-500 Chart Update
Posted by pugsma on July 31, 2019
5:40 pm EST: SP-500 price opened flat at 3015, dropped to 2958 after the Fed meeting and then rebounded to close at 2080.
With the break below 2973, the primary (white/green) count revision is that minute (2) of minor 3 of major [3]-P5-C1 is playing out as and expanded flat, where c=1.62*a at 2956 and the 50%/62% Fib is at 2966/2953. The minute (2) of minor 3 wave remains valid above the minor 2 low at 2913. 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 is that major [5]-P5-C1 completed at 3028. Wave minor 3 ended at 3018, minor 4 ended at 2973 and minor 5 of major [5] complete at 3028. The Cycle 2 (C2) wave is just barely underway and needs to break below 2913 to gain momentum. The C2 target is down below the December 2018 low of 2347 to a target near the 50% Fib retrace of Cycle (C1) at 1859.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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