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September 23rd, 2021: SP-500 Chart Update

Posted by pugsma on September 23, 2021

9:25 am EST: It’s to time introduce the possibility of a very bearish alternate (red) wave count that P1-C3 topped at 4546 as an ending diagonal for major [5]-P1-C3.

The primary (green) count is that minor 1 of major [5]-P1-C3 topped at 4546. The drop to 4306 was a minor 2 wave that retraced to the 50% Fib of 4302. The minor 3 wave up is underway, to a first target area a 4907, where minor 3 = 1.23*minor 1. Within, minor 3, the first minor (1) wave is likely headed for the 4546 pivot area (see 15-mini chart for details of the minute (1) wave).  Note: The primary (green) wave count remains valid above the minor 2 wave low at 4306.

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 23% Fib retrace of major [3] at 4183. Note minor 5 of major [3] played out as an ending diagonal. For the major [4] wave, minor W completed at 4306. The minor X wave bounce is underway and should target the 50%/62% Fib retrace of 4426/4455. Assuming minor X competes at the 50% Fib of 4426, the minor Y of major [4] wave down has target at Y=W at 4186.  Note: The alternate (blue) wave count remains valid below the 4546 pivot.

The new alternate (red) wave count is that P1-C3 topped at 4536 as an ending diagonal for major [5]-P1-C3. The P2-C2 bear market is underway with targets at the 38% Fib of P1 = 3651 (-19.6% Bear Market) to the 50% Fib of P1 at 3369 (-25.9% Bear Market). The major [A] wave down should target the 3950 pivot area. Minor 1 of major [A] completed at 4306. The minor B wave bounce is underway with targets are the 50%/62% Fib of 4426/4455. Assuming minor 2 completes at the 50% Fib of 4426, the minor 3 = 1.62*minor 1 target is 4037. Note: The alt(red) count remains valid below 4546 and is confirmed on a break below 4057.

House Keeping: I’m going to take the rest of this week off to continue to rest and heal.

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

SP-500 monthly chart:

SP500 Technical Analysis

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