November 23rd, 2021: SP-500 Chart Update
Posted by pugsma on November 23, 2021
9:20 am EST: 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 in how it can play out.
The primary (white/green) wave count is that minor 1 peaked at 4719 in early November and the last 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 o 4654.
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. This first drop is the minute (a) or minor 2 wave.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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