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September 17th, 2021: SP500 Chart Update

Posted by pugsma on September 17, 2021

11:40 pm EST: The SP-500 gapped down from 4474 to 4470, dropped slowly to 4437, and is trading at 4445…

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. Within wave minute (3), the wave i-(3) ended at 4546. The wave ii-(3) pull-back could have ended at the 62% Fib 0f 4436 or could target the 78%/88% Fibs of 4407/4389 into early next week. Once wave ii-(3) ends, the wave iii-(3) wave up will make a new all-time high above 4546.  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 and now a major [4] wave correction to the 12% to 23% Fib retrace of major [3] at 4356 to 4183. Note minor 5 of major [3] played out as an ending diagonal with minute (1) at 4394, minute (2) at 4233, minute (3) at 4480, minute (4) at 4368 and minute (5) at 4546, which completed 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. For the major [4] wave, minor A completed at 4436. The minor B wave retraced to 4487, near the 50% Fib target of 4491. Next the minor C of major [4] wave down should break below 4436. The possible minor C wave targets are C = 1.62A at 4309 to C=2.62A at 4199.  Note: The alternate (blue) wave count remains valid below the ED max at 4615 and is confirmed on a break below 4368.

House Keeping: My severe left wrist injury from a bicycling accident has kept me from posting charts this week, since it happened on the morning of Tues, Sept 14th. I had reconstructive surgery on Wed, Sept 15th. I’m still experiencing a great deal of pain. Just doing this SP500 charting this morning has made the pain worse. I must rest the wrist more. Hopefully I can do a little more next week. Thanks for understanding.

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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