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April 29th, 2021: SP-500 Chart Update

Posted by pugsma on April 29, 2021

12:45 pm EST: The SP-500 gapped up from 4182 to 4206, rallied immediately 4219 (day’s high) and then dropped to 4177 by mid-day.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 likely topped today at 4219. Next is a minor 4 wave pull-back to the 23%/38% Fib targets of 4135 to 4080 is next. From there, one more push up for minor 5 to a minor 5=1 target of 4341 to 4396 to complete major [5]-P1-C3. The major [5]=0.62[1] target is 4368. Note: The minor 4 wave remains valid above the minor 1 high at 3984.

The alternate (blue) count is that major [3]-P1-C3 likely topped at 4219. Next is the major [4] wave pull-back to the 23%/38% Fib targets of 3931 to 3743. From there, one more push up from major [5] to a major [5]=0.62[1] target of 4388 to 4567. Note: breaking below the 3984 level invalidates the primary (white/green) wave count and confirms the alternate (blue).

The alternate (red) count is that P1-C3 topped at 4219. The P2-C3 wave should retrace to the 38% Fib target at 3464.

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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