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December 23rd, 2019: SP-500 Chart Update

Posted by pugsma on December 23, 2019

3:15 pm EST:    Now that I’m back in Chicago and have looked at the SP-500 charts after another 6 days of price action, I decided to take a closer look from the larger daily and weekly chart perspective.  It’s clear the ending diagonal P5-C1 primary count has been stretched, now that price has breached above 3200.  The primary (green) P5-C1 count needs and adjustment and I have settled on an impulsive P5 wave with a large major [4] consolidation triangle that has resulted in this relentless move higher in a major [5] wave since early October.  This triangle target range is 3253 to 3327 and should be nearing its completion (i.e. the P5-C1 top) in the early part of year 2020.  Thus, it’s very similar to ending diagonal wave count in its conclusion, but with a little more room to move higher.  Also, I’ve added alternate (blue) wave count that has this P5-C1 wave only in a major [3]-P5-C1 impulsive that will reach at least the major [3]=[1] target at 3336 or higher and the P5-C1 top will reach 3500 to 3700 well into year 2020.   The thing that keeps the primary count, the primary is that the weekly chart is running into parallel channel resistance from the January 2018 high at 2878.

I will detail out the 15-min, 60-min and 4-hr charts tomorrow.

SP-500 daily chart:

SP500 Technical Analylsis

SP-500 weekly chart:

SP500 Technical Analysis

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