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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:

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

SP-500 weekly chart:

SP500 Technical Analysis

16 Responses to “May 7th, 2021: SP-500 Chart Update”

  1. Jim Guthery said

    Is the red label your old primary count or is it completely new?

    • pugsma said

      The primary (white/green) labels are the same as before.

      The alt(blue) and alt(red) counts have been modified at the minute and minor wave degree to show them breaking above 4219 to the major wave targets of 4246 and 4244, respectively.


    All 3 scenarios point to (slightly) higher values next week?

    • pugsma said

      Yes, but only very marginally higher to 4244 to 4246 on alt (blue) and alt(red).

      The Primary (white/green) council wouldn’t top late May to Early June (4390) or July/Aug (4550+).

  3. pugsma said

    Friday final hour ramps are typical. Look for SP500 at 4246 or higher if Primary wave (3) to 4302.

  4. pugsma said

    Traders continue to sell QQQ (big cap tech) and ARKK (high growth, no earnings tech).

    Just imagine how bad the selling in the technically stocks will be once the Fed even hits at tampering Bond Buying later this summer and into year end.

  5. MS53 said


  6. pugsma said

    Below 4188, “Houston we got a problem…”

    Below 4147, “Boom!, primary ship is destroyed…””

  7. Robert Swaim said

    I guess by looking at Tesla and the crypto charts that Elon’s performance didn’t help.

    On the Qs & SPX I’m a bit surprised by the volumes.

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