May 14th, 2021: SP-500 Chart Update
Posted by pugsma on May 14, 2021
10:40 am EST: The SP-500 gapped up from 4112 to 4130, and continued to climb to 4160…
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 complete at 4057 as an expanded flat wave to where (c)=2.0(a) at 4058. From the minor 4 low, there should be one more push up for minor 5 to a minor 5=1 target of 4318 to complete major [5]-P1-C3. The major [5]=0.62[1] target is at 4368. Note: The primary (white/green) wave count minor 4 wave remains valid above the minor 1 high at 3984.
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. For the major [4] move to the 23% Fib of 3945, the drop from 4238 to 4057 is the minor A wave of major [4]. The minor B wave up is next to the 62%/78% Fib of4169/4198 to be followed by a minor C wave drop to the 23% Fib target of 3945. From the major [4] low, there should be one more push up from major [5] to at least the major [5]=0.62[1] targets of 4388 to 4567. Note: Breaking above the 4238 level invalidates the alternate (blue) count and confirms the primary (white/green) count.
The alternate (red) count is that P1-C3 topped at 4238. near 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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