November 2nd, 2021: SP-500 Chart Update
Posted by pugsma on November 2, 2021
11:15 am EST: The SP-500 opened flat from 4613, then rose steadily to 4631…
The primary (white/green) count is that the minor 1 of major [5]-P1 is underway and near completion from the major [4]-P1 low at 4279. Minute (1) of minor 1 completed at 4430. Minute (2) competed at 4330, just below the 62% Fib of 4335. The minute (3) completed at 4599, just above (3)=1.62(1) at 4575. Minute (4) pulled back to 4552, just above the 23% Fib at 4537. Minute (4) can also be viewed as an ascending triangle that completed at 4589 and targets 4646. The minute (5) wave is underway and should rise to the (5)=0.62(1) target at 4646 or the (5)=(1) target at 4703. Once the minor 1 wave complete, there should be a 2% to 3% pull-back for the minor 2 to the 38%/50% Fib (4507/4463 basis minor completing at 4646). Note: The primary (white/green) wave count remains as labeled remains valid above the minute (4) of minor 1 low of 4552. Breaking below 4552, will mean that minor 1 topped and the minor 2 wave pull-back is underway.
The alternate (blue) count has minor 1 of major [5]-P1-C3 completed at 4430 and minor 2 complete at 4330. The minor 3 wave is underway and nearing completion that should target the minor 3 = 2.0*minor 1 at 4632. The minor 4 wave should retrace to the 23%/38% Fib at 4563/4517. Finally the minor 5=1 target is 4663/4714 and the major [5]=0.5[1] target is at 4800. Note: The alternate (blue) wave count for a minor 4 correction remains valid above the minor 1 high of 4430.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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