July 19th, 2021: SP-500 Chart Update
Posted by pugsma on July 19, 2021
12:20 pm (updated at 1:50 pm) EST: The SP-500 gapped down from 4327 to 4297, dropped to 4240 (the 50-day SMA). rallied to 4265, dropped to 4233 and is trading sideways near the day’s low…
The primary (white/green) wave count is that major [3]-P1-C1 topped at 4394. The major [4] wave down is underway that should drop to at least the 23% Fibonacci retracement of major [3], which is at 4066. The major [4] could form a minor A-B-C zig-zag like major [2] or could alternate with respect to major [2] and form a minor A-B-C-D-E triangle wave. Once major [4] completes, the major [5] wave to move above the major [3] high at 4394 going to into year 2022. The major [5]=[1] target is 5107 basis a major [4] low at 4066.
House Keeping: Just a head up. I’m leaving Wednesday morning, July 21st for a family vacation at the Lake of Ozarks, MO. The only blog updates with charts will likely be today and Tuesday. I will monitor things from my iPhone on Wed-Fri and comment as necessary.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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