October 13th, 2021: SP-500 Chart Update
Posted by pugsma on October 13, 2021
9:15 am EST: The SP-500 gapped up from 4361 to 4368, rose quickly to hit 4375, traded sideway, dipped to 4342 and closed at 4350.
The primary (green) count is that major [4]-P1-C3 bottomed at 4279. The first minor 1 wave up from major [5]-P1 is underway and should target the all-time high above 4546. Minute (1) of minor 1 completed at 4430. Minute (2) competed at 4342, just above the 62% Fib of 4335. The minute (3) target is (3)=1.62(1) at 4587. Minute (4) should pull-back to the 23%/38% Fib at 4540/4494 and minute (5) should rise the (5)=(1) target at 4681. Note: The primary (green) wave count remains as labeled remains valid above the major [4] low at 4279.
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. The major [4] wave correction towards the 23% Fib retrace of major [3] at 4183 is underway. 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. Minute (a) of minor Y completed at 4289 and minute (b) is retracing to the 78%/88% Fib at 4424/4443. Once minute (b) completes, the minute (c) of minor Y down will be underway and will break below 4279. Note: The alternate (blue) wave count remains as labeled remains valid below the minor X wave high of 4465.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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