August 30th, 2021: SP-500 Chart Update
Posted by pugsma on August 30, 2021
5:30 pm EST: The SP-500 gapped up from 4509 to 4513, rose all day to hit a day’s high at 4537 and closed at 4529.
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. Remember an ending diagonal is typical 3-3-3-3-3 wave move, so this final minute (5) wave will be an a-b-c. This a-b-c could have completed today at the lowest target of c=0.50a = 4536 or could extend to c=a at 4603. Note: The primary (white/green) wave count remains valid below the ED max at 4615.
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 using in the a major [4] correction.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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