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May 19th, 2021: SP-500 Chart Update

Posted by pugsma on May 19, 2021

1:05 pm EST: The SP-500 gapped down from 4127 to 4098, then dropped to a low at 4061…

A major degree (maybe a Primary degree) top is in place at 4238.

The primary (white/green) count is that the major [4]-P1-C3 wave is headed for the 23% Fib retrace of the major [3] wave at 3945.

The alternate (blue) count is that the major [4]-P1-C3 wave is headed for the 38% Fib retrace of major [3] wave at 3755.

The alternate (red) count is that the P2-C3 wave is headed for the 38% Fib retrace of P1 at 3460.

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

7 Responses to “May 19th, 2021: SP-500 Chart Update”

  1. pugsma said

    Expecting more selling of the rips into at least early June.

  2. hinge said

    Steve. If we hit green major 4 as drawn, will there be alternation compared to
    major 2

  3. pugsma said

    Keep in mind IF the 4057 low from last week continues to hold in for a day or two more that the minor B of major [4] wave of the primary (white/green) wave count can form a triangle between 4183 and 4057 before breaking down to 3945.

    Minor B:
    Wave (a) from 4057 to 4183
    Wave (b) from 4183 to 4061
    Wave (c) from 4061 to 4212-4122
    Wave (d) from 4122 to 4075-4085
    Wave (e) from 4074 to 4005-4010

    Then the minor C drop to 3945.

    • pugsma said

      Basically minor B completion into Friday OPEX then gap down Monday for minor C wave towards 3945.

      • Russell Bailey said

        seems like the perfect way to spend the rest of opex week, frustrating both bulls and bears

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