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September 9th, 2021: SP-500 Chart Update

Posted by pugsma on September 9, 2021

12:20 pm EST: The SP-500 opened flat from 4514, rose to 4430, dropped to 4510…

I have been indicating since mid-August that until lower lows materialize (in this case below 4368) that the market is likely to continue to push higher to the P1-C3 target at 5000+ with only very small corrections along that way via the what has been labeled the alternate(blue) wave count. That particular wave count is very satisfying as the correction in April-May was an expanded flat for major [4]-P1, which alternates with the simple zig-zag of major [2]-P1 in the fall of 2020. Thus, it’s time to update the charts to reflect this.

The primary (green) 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). The minor 3 = 1.62*minor 1 target is at 4779.  Note: The primary (green) wave count remains valid above minute (2) of minor 3 wave low at 4368. Breaking below 4368, will confirm the alternate (blue) wave count major [4] correction to the 23% Fib at 4183.

The alternate (blue) wave count is that major [3]-P1-C3 topped at 4546 just above the major [3]=1.50[1] target of 4528 or 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 at the lowest target of c=0.50a = 4536 or could extend to c=a at 4603.  Note: The alternate (blue) wave count remains valid below the ED max at 4615.

Have A Great Weekend !!!

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

SP-500 weekly chart:

SP500 Technical Analysis

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