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August 19th, 2019: SP-500 Chart Update

Posted by pugsma on August 19, 2019

8:20 pm EST:  Big Picture review tonight on the SP-500.  Everything since January 2018 screams parabolic blow-off move (late 2017 into January 2018) into a broadening top formation lasting nearly 2 years.  The SP-500 weekly chart clearly shows this along with the loss of momentum on the RSI.

Looking a little closer at the daily and 4-hr charts, it’s also clear that everything since the December 2018 low at 2347 looks like an ending diagonal (ED) triangle, where it completed at 3028 (alternate blue) or needs one more push up to 3051 (primary green) where P5=P1.

It really is an ideal technical analysis scenario to have the Cycle 1 of Super Cycle V, 10 year bull market end with a 2 year long broadening top formation with the final leg (P5) being an ending diagonal.  Not that the ending diagonal maximum to remain valid is at 3121.

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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