September 3rd, 2019: SP-500 Chart Update
Posted by pugsma on September 3, 2019
7:30 pm EST: The SP-500 price gapped down at the open this morning, dropped to 2892 and closed at 2906. So far this move down from 2940 to 2892 is roughly a 50% Fibonacci retracement of the 2835 to 2940 move higher.
The primary (white/green) wave count is that minor 3 of major [5]-P5-C1 is underway off the 2826 minor 2 low. The minor 3 =1.62*minor 1 target is at 3015. Ultimately major [5]-P1-C1 should end near the long standing P5=P1 target of 3051. Note that the P5 ending diagonal (ED) has a maximum of 3121.
The alternate (blue) wave count is based on P5-C1 completed at 3028 (Cycle 1 Top) and the initial drop to 2822 as major [1]-PA-C2 (start of Cycle 2 correction down to the 1800 level). I have adjusted the price action since the 2822 low to be an on going major [2]-PA-C2 wave that has targeted the 62%/78% Fibonacci retracement of 2950/2983. Once major [2] completes, the next move of the alternate (blue) wave count is a devastating major [3] wave drop of 400+ points (-14% drop). Breaking 2822 and then 2729 will confirm the major [3] wave down is underway.
We should soon see a definitive resolution of the nearly month long 2807 to 2841 pivot range.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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