August 17th, 2021: SP-500 Chart Update
Posted by pugsma on August 17, 2021
3:55 pm EST: The SP-500 gapped down from 4480 to 4462, dropped to 4417 (day’s low), then rally to close near 4448.
Breaking below 4373, would set the the primary (white/green) wave count major [3]-P1-C3 top at 4480 and usher in a major [4] wave drop to the 23% Fib at 4132 (a -7.8% correction).
However, as long as SP-500 price holds above 4373, the alternate (blue) wave count is valid and could like to much higher prices without a significant pull-back as major [5]-P1-C3 continues to rally toward a major [5]=[1] target at 5098.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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