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December 24th, 2019: SP-500 Chart Update

Posted by pugsma on December 24, 2019

2:55 pm EST:   The SP-500 price was basically flat all-day during the shortened Christmas Eve session.

The primary (green) wave count is that major [5]-P5-C1 is playing out to the major [4] triangle target at 3253 to 3327.  Within the major [5] wave up form the 2856 major [4] triangle low, we have minor 3 completed at 3154 and minor 4 at 3070.  The minor 5 wave began from 3070 and is currently in a minute (3) wave with a target at 3257, where (3)=1.62(1).  There should still be a minute (4) wave pull-back to the 23% Fib at 3214 and a final minute (5) push up above 3257 to complete the minor 5 of major [5]-P5-C1 cycle top.  It will take a break below 3150 to begin to confirm the P5-C1 top.

The alternate (blue) wave count is major [3]-P5-C1 has been under way since the major [2] low at 2729 low.   The minimum target for the major [3] wave termination is at the [3]=[1] = 3336 and of course it could extend much higher to a major [3]=1.62[1] target at 3712.  This alternate (blue) count should continue higher for much of 2020 and maybe even into 2021 before reach the P5-C1 cycle top.

House Keeping:  Year 2020 Subscription sign-up information was sent out via e-mail early in December.  Simply make a payment via the link provided before the end of year 2019 to remain with the paid service during 2020.  Note: the reduced annual subscription pricing is only available once per year during the December sign-up period.

Markets are closed on December 25th, for the Christmas Holiday.

Have a very Merry Christmas !!!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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