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September 30th, 2019: SP-500 Chart Update

Posted by pugsma on September 30, 2019

7:00 pm EST:  Both near-term options still alive…

1) A failed wave minor 5 at 3022 (just 6 points) short of the 3028 All-time High to complete major [5]-P1-C1.  (Primary Green).  There is a potential head and shoulders top at 3022, neckline at 2953 and target of 2884.   This 2884 target would be wave minor 1 of major [1]-PA-C2.

2) A minor 4 of major [5] wave drop to 2946 and a yet to come a minor 5 of major [5] wave toward the P5=P1 target of 3051 (Alternate Blue).

Scenario 1, a surprise failed minor 5 wave, would be very appropriate here at the Major [5]-P5-C1 Top! Failed 5th waves are rare and typically lead a sudden market crash…

House Keeping:  If you are a quarterly subscriber, then you’ll need to make a payment before October 1st to continue with the service for Q4 (Oct-Dec).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

14 Responses to “September 30th, 2019: SP-500 Chart Update”

  1. bobndusty said

    If the opening follows through this morning on the futures (which don’t count by themselves) then it looks like the upper trend line will be broken toward the blue count.

  2. pugsma said

    Just imagine what happens to price when the stock market investors realize the C2 is underway and a recession is already here…

  3. rat8nine said

    spx 15

  4. pugsma said

    Remember a drop below 2939 would eliminate the current alternate blue wave count calling for a marginal new high above 3028.

  5. pugsma said

    In July and September 2017 the SP-500 double top near 1550 and dropped -10% into year end (1400). Then continued to fall into early 2008 down -20 (1250).

    History doesn’t always repeat but…

  6. pugsma said

    I’ve just started putting together my “Warren” portfolio.

    I’m buying property in areas where communes and shanty towns will likely form around Chicagoland.

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