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November 17th, 2019: SP-500 Chart Update

Posted by pugsma on November 17, 2019

9:50 am EST:   On Friday the SP-500 closed at 3120, right at the maximum (3121) of the ending diagonal of the primary (green) wave count P5-C1 top.

For the primary (green) wave count the SP-500 price must start lower on Monday and continue to remain below 3121.

For the alternate (blue) wave count the major [3]-P5-C1 wave is likely headed toward the C=1.62*A target of 3180.   Once the major [3] wave completes, there should be a major [4] wave that back-test the 3028 pivot before the major [5] wave reaches a target area of 3200.

SP-500 15-min chart as of EOD 11-15-19:

SP500 Technical Analysis

SP-500 60-min chart as EOD 11-15-19:

SP500 Technical Analysis

SP-500 4-hr chart as of EOD 11-15-19:

SP500 Technical Analysis

SP-500 daily chart as of EOD 11-15-19:

SP500 Technical Analysis

SP-500 weekly chart as of EOD 11-15-19:

SP500 Technical Analysis

 

5 Responses to “November 17th, 2019: SP-500 Chart Update”

  1. pugsma said

    If anyone wants to know precisely what a 5-wave impulse looks like in terms of Elliott Wave Theory (EWT), then look no further than this move from 2856 to 3120.

    There is the class wave (2) sharp pull-back early on and then the shallow long winded wave (4) ascending triangle more recently.

  2. pugsma said

    Got to love the fight to save the primary (green) 3121 threshold.

    However, it is likely to be breached giving way to alternate (blue) P5 ending diagonal count.

  3. pugsma said

    Just ran the precise numbers: The Primary (green) wave count P5-C1 ending diagonal is invalid.

    ED maximum is 2822.21 + (3027.98 – 2728.81) = 3121.29.

    The SP-500 price hit 3121.48 this morning.

  4. pugsma said

    Let’s see if this is the start of the major [4] wave down to the 3028 pivot and rising 50-day SMA at 3013.

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