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April 19th, 2021: SP-500 Chart Update

Posted by pugsma on April 19, 2021

7:40 pm EST:  The SP-500 gapped down from 4185 to 4180, dropped to day’s low at 4150 and closed at 4163.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 is headed for the 4277 target, where minor 3=1.62*minor 1. Within the minor 3 wave, the minute (3) wave completed at 4191. The minute (4) wave should pull-back to the 23%/38% Fib area of 4135/4098. Once minute (4) completes, the minute (5) wave should target (5)=(1) at 4222/4259 to complete the minor 3 wave. There should then be a minor 4 of major [5] shallow pull-back to the 23% Fib at 4180 followed by minor 5 rally to the major [5]-P1 top at 4441, where minor 5=1 to 4535, where major [5]=0.78[1]. Ultimately, major [5] should reach the 4500 area in a late summer 2021 and can not exceed 4764 so as major [5]<[3], since major was [3]<[1].

The alternate (blue) wave count is that minor 5 of major [3]-P1-C3 is headed for the major [3]=1.23[1] target at 4246. Within the minor 5 wave, the minute (3) wave completed at 4191. The minute (4) wave should pull-back to the 23%/38% Fib area of 4114/4063. Once minute (4) completes, the minute (5) wave should target (5)=0.62(1) at 4225/4275 to complete the minor 5 wave. From there a major [4] pull-back to the 23%/38% Fib targets of 3951/3759 to be followed by a major [5] wave to a P1 top in the spring of 2022, where [5]=[1] at 4800 to 4992.

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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