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January 7th, 2021: SP-500, QQQ, and IWM 60-min SP-500 Chart Updates

Posted by pugsma on January 7, 2021

11:30 am EST: With the US equity markets continuing in melt-up mode, I decided today to show a comparison of the SP500, QQQ and IWM wave counts on the 60-min charts. The primary (white/green) wave count of a minor 3 of major [5]-P1-C3 wave has been spot on since the late October and this continues to be the most likely path going forward. The alternate (blue) wave count for the SP-500 is close to be eliminated on a move above 3833 (so far today the high is 3811).

The SP-500 is close to an invalidation point for the alternate (blue) leading diagonal minor 1 wave, which is 3833. Above 3833, the minor 3 wave melt-up continues to at least 3916 is underway per the primary (white/green) wave count.

SP-500 60-min chart:

SP500 Technical Analysis

The QQQ is leading diagonal alternate (blue) count for minor 1 is at 326.07, so it has a lot more room to run higher than the SP-500 leading diagonal. Thus to bring QQQ alternate (blue) count inline with the SP-500, it is possible the QQQ alternate (blue) count already topped at 315.29 or could make one more push up to 318.03. The QQQ primary (white/green) is continued minor 3 melt-up to 327.48, where minor = 1.62*minor 1.

QQQ 60-min chart:

QQQ Technical Analysis

IWM is a bull beast and is show very little signs of slowing down. The primary (white/green) wave count is calling for a move up to the minor 3 = 3.0*minor 1 target at 217.45. Alternatively (blue) the minor 3 wave could stop at more standard minor 3 = 2.62*minor 1 at 209.08.

IWM 60-min chart:

IWM Technical Analylsis

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