August 22nd 2018: SP-500 Chart Update
Posted by pugsma on August 22, 2019
4:00 pm EST: The SP-500 price has been trapped between the 2807 and 2941 pivots for the past 2 weeks. A break of that range will determine the wave count outcome and whether or not the SP500 will make a marginally new high above 3028 (primary green) or not (alternate blue)
The primary (white/green) wave count is that minor 3 of major [5]-P5-C1 is underway with a target at 3015, where minor 3 =1.62*minor1. Waves minor 3, 4 and 5 of major [5] should make a marginal new high above 3028 over the next month at the long standing P5=P1 target of 3051. Note that primary count has wave P5 as in the final wave, major [5], of an ending diagonal with maximum of 3121.
The alternate (blue) count is that P5-C1 topped at 3028 and since then the C2 wave towards new lows below 2347 is underway, in its early stages. The major [1]-PA-C2 wave ended at 2822. The major [2] wave has either complete at 2943 near the 62% Fib or will move to the 78%/88% Fib at 2983/3003. Once major [2] completes a break below 2822 will signal that the major [3]-PA-C2 wave underway toward the 2531 level, where [3]=1.62[1]. The alternate (blue) count remains valid below 3028.
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:
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