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May 11th, 2021: SP-500 Chart Update

Posted by pugsma on May 11, 2021

11:10 am EST: The SP-500 gapped down from 4188 to 4151, hit a low thus far of 4111…

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 topped at 4219. The minor 4 wave pull-back is nearing a completion as an expanded flat wave to the typical 38% Fib target to 4080. Wave (c)=1.62(a) at 4092. From the minor 5 low, there should be one more push up for minor 5 to a minor 5=1 target of 4341 to complete major [5]-P1-C3. The major [5]=0.62[1] target is 4368 Note: Break below 3984 level invalidates the primary (white/green) count as labeled.

The alternate (blue) count is that major [3]-P1-C3 topped at 4238, where [3]=1.23[1]. Next is the major [4] wave pull-back to the 23%/38% Fib targets of 3945 to 3761. 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 3984 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.

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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