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July 26th, 2021: SP-500 Chart Update

Posted by pugsma on July 26, 2021

1:30 pm EST: The SP-500 opened flat from 4411, traded sideways between 4405 and 4421 (new all-time high)…

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] wave should alternate with respect to the major [2] zig-zag and form a minor A-B-C-D-E triangle wave or A-B-C expanded flat with the minor B wave targeting 1.23*minor A at 4431. 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.

The alternate (blue) wave count is that major [4] ended at 4057 back in May 2021, as originally suggested, and that the major [5] wave got of to minor 1, 2 start at 4394 and 4233. Thus, the minor 3 of major [5] wave up is well underway since the recent minor 2 low at 4233 and will target the minor 3 = 1.62*minor 1 area at 4779. Minor 4 of major [5] will hold above the 38% Fib at 4571 and minor 5 of major [5] will challenge the 5000 level into next spring to complete the Primary 1 (P1) of Cycle 3 (C3) wave.

Note: Any move significantly above 4431, when eliminate the primary (white/green) count for an on going major [4] wave expanded flat to to 4066 and immediately trigger a grind much higher per the alternate (blue) count minor 3 of major [5] wave headed for 4779.

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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