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November 23rd, 2021: SP-500 Chart Update

Posted by pugsma on November 23, 2021

5:30 pm EST: The SP-500 opened flat from 4682, dropped to 4672, rose to 4699, dropped to the day’s low at 4653 and rallied to close at 4691.

Technical Conditions NYMO:

Based on the NYMO being oversold below -40 for the past three trading days, it’s clear the SP500 is in the minor 2 of major [5]-P1-C3 wave. There are two scenario’s listed below in how the minor 2 wave can play out. Note: Today the NYMO looks have closed back inside it’s lower BB, producing a SP500 Buy Signal. This would favor the primary (white/green) wave count.

The primary (white/green) wave count is that minor 1 peaked at 4719 in early November and the last two weeks has seen a minor 2 flat wave play out. The minute (a) of minor 2 ended 4630 and the minute (b) of minor 2 wave completed at 4743. Now the minute (c) of minor 2 wave should target the (c)=(a) area at 4654, hit 4653 at today’s low. Note: A break above 4743 will confirm this primary (white/green) wave count.

The alternate (blue) wave count is that minor 1 peaked at 4743 and a minor 2 wave down to the 38% Fib area of 4559 is underway as simple 5-3-5, zig-zag. This first five wave drop to 4653 is the minute (a) or minor 2 wave. The minute (b) wave should retrace to a 50%/62% Fib at 4699/4707. Finally the minute (c) wave should target the (c)=1.62(a) area at 4552. Note: A break below 4653 will confirm this alternate (blue) wave count.

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

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