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November 5th, 2021: SP-500 Technical Analysis

Posted by pugsma on November 5, 2021

7:15 pm EST: The SP-500 gapped up from 4680 to 4699, rose to a day’s high at 4719, pulled back to 4681 and closed at 4697.

The primary (white/green) count is that the minor 1 of major [5]-P1 is underway and near completion at 4719 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. The minute (5) wave is underway, nearing complete and should end at the (5)=1.23(1) target of 4737. Once the minor 1 wave completes, there should be a 3% to 5% pull-back for the minor 2 to the 38%/50% Fib (4563/4508) basis minor completing at 4737.  Note: The primary (white/green) wave count minor 2 wave pull-back remains valid above major [4]-P5 low at 4279

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 and should target the minor 3 = 2.62*minor 1 at 4725. Once minor 3 complete, the minor 4 wave should pull-back 2% to 3% to retrace to the 23%/38% Fib at 4634/4575. Finally the minor 5=1 target is 4785 and the major [5]=0.5[1] target is at 4800 to complete P1-C3. Note: The alternate (blue) wave count for a minor 4 correction remains valid above the minor 1 high of 4430.

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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