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June 16th, 2021: SP-500 Chart Update

Posted by pugsma on June 16, 2021

6:05 pm EST: The SP-500 opened up from 4246 to 4252, traded sideways, then dropped to 4202 (days low), and closed at 4224.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 completed at 4257, just below the typical minor 3=1.62*minor 1 target of 4256. The minor 4 wave should retrace to at least the 23%/38% Fib at 4212/4183 and may have completed today at 4202.  Once minor 4 wave ends, the final minor 5 wave will head for the minor 5=1 target of 4309/4328 to complete major [5]-P1-C3.  Note: The primary (white/green) wave count as labeled remains valid above the minor 1 high of 4183.

The new alternate (blue) is that the minor 5 wave of major [5]-P1-C3 completed at 4257. The Primary 2 (P2) wave lower to at least the 23%/38% Fib retrace of all of P1 at 3820/3503 is just getting underway.  Note: The alternate (blue) wave count as labeled remains valid below the 4257 high.

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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