August 23rd, 2021: SP-500 Chart Update
Posted by pugsma on August 23, 2021
3:15 pm EST: The SP-500 gapped up from 4441 to 4450, then rose steady to 4489 (new all-time high) and traded sideways.
The primary (white/green) wave count is that major [3]-P1-C3 is headed toward a typical 1.62 Fibonacci extension of major [1], which is at 4652. It’s possible that minor 5 of major [3] is playing out as an ending diagonal with minute (1) at 4394, minute (2) at 4233, minute (3) at 4480, minute (4) at 4368 and now minute (5) which must complete where (5)<(3) for a 4615 maximum. Note: The primary (white/green) wave count remains valid below the minute (4) of minor 5 low at 4368. Breaking below 4368 will usher in the major [4] correction towards the 4191 pivot area.
The alternate (blue) count is that minute (1) of minor 3 of major [5]-P1-C3 topped at 4480. The drop from 4480 to 4368 was the minute (2) wave that ended just above the typical 50% Fib retrace of 4357. The minute (3) wave target is at 4709, where (3)=1.38(1). Note: The alternate (blue) wave count remains valid above minute (2) of minor 3 wave low at 4368. Breaking below 4368, will confirm the primary (white/green) wave count.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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