December 12th, 2019: SP-500 Chart Update
Posted by pugsma on December 12, 2019
12:15 pm EST: The SP-500 price surged to 3176 early this morning, but has since retreated to 3155.
The primary (green) count is that major [4]-P5-C1 is playing out as an expanded flat. The move from 3154 to 3070 is minor A. The move from 3070 to 3176 is minor B, where B=1.23*A = 3173. Next wave should be a minor C wave towards the 3028 pivot, where C=1.62*A = 3040.
The alternate (blue) count is that major [3]-P5-C1 is continuing high towards 3200 to 3220. A break below 3126 should invalidate this alternate (blue) wave count and confirm the primary (green) wave count.
Ultimately, no matter which short-term wave count is correct over the next week or two, the peak of this P5-C1 ending diagonal is limited and is near (within two to three months). Tops are a process and especially cycle degree tops in particular.
House Keeping: I will be traveling out of the country from Friday Dec 13th to Monday Dec 23rd. I will have limited internet availability during the trip, so charts updates will be difficult. I will make comments about the market daily until this blog post.
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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