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September 13th, 2021: SP-500 Chart Update

Posted by pugsma on September 13, 2021

12:20 pm EST: The SP-500 gapped from 4459 to 4475, rose quickly to 4493, dropped to 4454…

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 4768, where (3)=1.62(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.

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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