November 19th, 2021: SP-500 Chart Update
Posted by pugsma on November 19, 2021
5:00 pm EST: The SP-500 opened flat from 4704, traded sideways then rose to 4718, dropped to 4694 and closed at 4698.
SP500 vs NYMO:
A rare condition was met today, where the NYMO closed two consecutive days below it’s lower bollinger band and below -40. Typically this occurs near a SP-500 local bottom and leads to a large move up in the SP500. This time it has occurred near a SP500 all-time high. We’ll find out next week if this time is any different…
The primary (white/green) count is that minute (3) of minor 1 of major [5]-P1-C3 completed at 4719 and the minute (4) wave retraced to the 23% Fib target of 4630. However, minute wave (4) needs to buy more time, then wave (4) could also from an ascending triangle here with 4630 as the a-(4) low, b-(4) at 4715, c-(4) at the 4673, d-(4) at 4719 and e-(4) at the 4690 area. Assuming minute (4) completed at 4630, as a simple zig-zag, the minute (5) wave is underway and headed for the (5)=(1) target at 4781 to complete minor 1 of major [5]-P1. Note: The primary (white/green) count as labeled for minute (5) headed to 4781 remains valid above the minute (4) low at 4630.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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