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October 14th, 2019: SP-500 Chart Update

Posted by pugsma on October 14, 2019

9:10 am EST:   As I’ve said here on this TA blog for 10 years, “the primary is the primary, until it isn’t.”   Remaining patient with the primary wave count has typically serviced us well.  But as you are aware, I won’t hesitate to make an adjustment when the price dictates a change; including going from bearish to extremely bullish is that is what price is telling us.

On Friday the primary (red) count came within 29 points (2993 vs 3022) of becoming invalid.   But at the close of Friday at 2970, the primary (red) remains valid.   This minor 2 of major [1]-PA-C2 wave nearly reached the 88% Fib at 3002 and the (c)=(a target of 2997.  If this primary (red) count is going to show its self, then a devastating minor 3 wave to a new low below 2822 should be next.  The target for minor 3 is where minor 3 = 1.62*minor at 2724.

The alternate (blue) count calling for a marginal new high above 3022 certainly looks good here with an impulsive looking wave (3) of minor C of major [5]-P5-C1 headed toward the 3061 target, where (3)=1.62(1).    Note that the Ending Diagonal P5-C1 wave target is at 3051, where P5=P1 and the maximum for the ED to remain valid is at 3121.  So this P5-C1 wave could end anywhere from 3022 to 3121.   If the 3121 ED maximum price level is breached, then we must get extremely bullish on the P5-C1 wave looking for targets above 3300 in the coming months.

The price action of the next few weeks should be very important for the intermediate to longer term wave count.

SP-500 15-min chart (as of close 10-11-19):

SP500 Technical Analysis

SP-500 60-min chart (as of close 10-11-19):

SP500 Technical Analysis


SP-500 4-hr chart (as of close 10-11-19):

SP500 Technical Analysis

SP-500 daily chart (as of close 10-11-19):


SP500 Technical Analysis

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