August 12th, 2019: SP-500 Technical Analysis
Posted by pugsma on August 12, 2019
6:55 pm EST: The SP-500 price gapped down at the open to 2907, hit 2873 late in the day before closing at 2982.
The 2941 pivot is a key resistance area were the 13-day EMA, 34-day EMA, and 50-day SMA cluster resides. A break above this 2941 pivot likely means a run to new all-time highs per the primary (white/green) wave count. A failure at this 2941 pivot and a new low below 2822 is likely.
The primary (white/green) wave count is off to a wave i-ii start for (1) of minor 3 of major [3]-P5-C1. Today’s drop to the 2872 pivot is between the typical 50%/62% (2981/2866) Fibonacci retracement for a wave ii. Waves, iii, iv and v of minute (1) should target the 3018 pivot. A break above 2939 would confirm the primary.
The alternate (blue) wave count completed major [2] of PA-C2 at 2939, which was between the typical 50%/62% Fibonacci retracement for a wave [2]. A very large wave major [3] lower has began that should target the 2491 pivot, where [3]=2.0[1]. A break below 2822 would confirm the alternate.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.