August 5th, 2019: SP-500 Chart Update
Posted by pugsma on August 5, 2019
1:50 pm EST: As always during times of high volatility and large price moves, I will stick with the larger time frame charts of the 4-hr and daily charts.
The primary (white/green) and alternate (blue) counts are separated by the 2729 level. Above 2729 the primary wave count remains likely and below 2729 the alternate count takes over. In either case, I’m looking for a large rally from low to form at a level around the 2807 pivot.
The primary (white/green) count is looking for a minor 2 of major [3]-P5-C1 low at the 62%/78% Fib retrace of at 2843/2795. Once minor 2 completes, minor 3 of major [3] should take the SP-500 to new all-time highs above 3028.
The alternate (blue) count is lookin for a major [1]-PA-C2 low at the 2807 pivot area. From there, the major [2]-PA wave should rally to at least a 50% Fib retrace at the 2941 pivot area, before major [3] drops to new lows below 2729.
SP-500 4-hr chart:
SP-500 daily chart:
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