May 7th, 2021: SP-500 Chart Update
Posted by pugsma on May 7, 2021
12:15 pm EST: The SP-500 opened flat from 4201 and rallied to 4238…
The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 topped at 4219. The minor 4 wave pull-back to 4129 completed between the typical 23%/38% Fib targets of 4135 to 4080. From here, there should be one more push up for minor 5 to a minor 5=1 target of 4390 to complete major [5]-P1-C3. The major [5]=0.62[1] target is 4368.
The alternate (blue) count is that major [3]-P1-C3 should top near 4246, where [3]=1.23[1]. Next is the major [4] wave pull-back to the 23%/38% Fib targets of 3951 to 3760. From the major [4] low, there should be one more push up from major [5] to a major [5]=0.62[1] target of 4388 to 4567. Note: breaking below the 4129 level invalidates the primary (white/green) wave count and confirms the alternate (blue).
The alternate (red) count is that P1-C3 should top near 4244, where [5]=0.5[1]. The P2-C3 wave should retrace to the 38% Fib target at 3464. Note: This P2 wave lower will take several months (late summer to early fall) and is just getting underway.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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