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June 15th, 2021: SP-500 Chart Update

Posted by pugsma on June 15, 2021

5:05 pm EST: The SP-500 opened up from 4255 to 4257 (an all-time high), dropped to 4238, traded sideways and closed at 4246.

The primary (white/green) wave count is that major [4]-P1-C3 ended at 4057 and played out as an expanded flat wave from mid-April to mid-May. This major [4] wave flat alternates with the major [2] zig-zag from June 2020. The major [5] wave up began from 4057 and the major [5]=0.50[1] target is at 4578. Within the major [5] wave, minor 1 wave completed at 4183 and the minor 2 was a deep retrace to 4061. The minor 3 wave up is underway with a target at 4313, where minor 3 = 2.0*minor 1. Within the minor 3 wave, minute (4) completed at 4168 and minute (5) is underway headed for 4313. Once minor 3 completes at 4313, the minor 4 wave should retrace to at least the 23%/38% Fib at 4255/4217.  Then the final minor 5 wave will head for the minor 5=1 target of 4381 to complete major [5]-P1-C3. Note: The primary (white/green) wave count as labeled remains valid above the minute (4) low of 4168.

The new alternate (blue) is that the minor 4 wave of major [5]-P1-C3 completed as and ascending triangle at 4219 and the final minor 5 wave up to a triangle target of 4306 is underway to complete the major [5]-P1-C3 wave. Note: The alternate (blue) wave count as labeled remains valid above the minor 4 low of 4219. A break below 4219 would begin to confirm the major [5]-P3-C1 top is in place. However a break below 4168 would be needed for full confirmation.

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

3 Responses to “June 15th, 2021: SP-500 Chart Update”

  1. pugsma said

    So for the SP500 primary (white/green) we can label 4257 as the peak of minor 3 of major [5]-P1-C3, where minor 3 = 1.62*minor 1 at 4264. This correction is a minor 4 wave to a 23%/38% Fib at 4212 to 4183. From 4183, the minor 5 = 1 target is at 4309.

  2. pugsma said

    Alt (blue) counts are that the indices have topped P1-C3 across the board and the P2 correction is just in its beginning with a large about of drop to go over the coming months.

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