August 1st, 2019: SP-500 Chart Update
Posted by pugsma on August 1, 2019
3:30 pm EST: The SP-500 price opened up slightly above 2980 and ran up quickly to 3013 before dropping hard to a new near-term low at 2945.
With the very significant drop from 3028, the primary (white/green) count revision is that minor 2 of major [3]-P5-C1 is playing out since the 3028 high for minor 1. The typical minor 2 wave pull-back Fibs are 38%/50%/62% at 2914/2879/2843. To remain valid, the inor 2 of major [3] must hold above the major [2] low at 2729.
The alternate (blue) count is that major [5]-P5-C1 completed at 3028 as a 1 year long broadening top pattern (see the yellow lines on the daily and weekly charts). 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 and 2729 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 1848.
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:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.