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August 6th, 2019: SP-500 Chart Update

Posted by pugsma on August 6, 2019

5:00 pm EST:   The SP-500 gapped up 20 points to 2864, trading down to 2847 and closed at 2881.

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.  Late Monday there was a possible minor 2 low at 2822.   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.  Late Monday there was a possible major [1] made at 2822.   From the major [1] low, 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 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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