September 30th, 2021: SP-500 Chart Update
Posted by pugsma on September 30, 2021
10:10 am EST: The SP-500 gapped up from 4360 to 4370, rose to 4383…
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 competed at 4465. Wave (2) retraced to 4346 near the 78% Fib of 4341. Now wave (3) of minor is likely headed for the 4763, where (3)=2.62(1), see 15-min and 60-min charts for details. 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 completed 4465, just above the 62% Fib retrace 4455. The minor Y of major [4] wave down is underway and has target at Y=W at 4225. Note: The alternate (blue) wave count remains as labeled remains valid below 4465 or below 4546 IF the minor X of minor [4] wave were to stretch above 4465.
The 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:
- The Premium Service (SP500, QQQ, IWM) for Q3-2021 (Jul-Sep) is coming to end on Thursday Sept 30th. If you are are a quarterly subscriber, you can continue for Q4-2021 (Oct-Dec) by making a payment via the PUG Stock Market Analysis Shop: » Premium Service Quarter 4 (Q4) 2021 Subscription (3 months, Oct-Dec) PUG Stock Market Analysis, LLC | Technical Analysis Blog (pugsma.com)
- I‘m heading out of town for a long weekend to visit my grand children in St Louis. The next blog update will be on Monday, Oct 4th.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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