December 16th, 2021: SP-500 Chart Update
Posted by pugsma on December 16, 2021
5:20 pm EST: The SP-500 gapped up from 4710 to 4719, hit the days high of 4732 early, then fell all day to hit a low of 4653 and closed at 4668.
The primary (white/green) count is that minor 2 of major [5]-P1-C3 played out as a 3-3-3 double zig-zag that ended at 4495 and the minor 3 of major [5] wave up is underway towards 5000+. The minute (1) of minor 3 wave completed at 4713. The minute (2) or minor 3 wave completed at the 50% Fib at 4605. Wave minute (3) of minor 3 is underway and will break above 4743 headed toward 4959, where (3)=1.62(1). Note: The primary (white/green) count for minor 3 of major [5] remains valid above the minor 2 low 4495 and is confirmed on a break above 4743. However breaking below 4606 would be a big warning sign.
The alternate (blue) count is major [3]-P5-C3 peaked 4743 and a major [4] wave is currently unfolding. The drop from 4743 to 4495 was minor A of major [4] and move up from 4495 to 4732 minor B of major [4]. Minor B at 4732 has formed a potential double top pattern with the 4743 high and with a break below 4495 has measured move target of 4247. T minor C wave of major [4] should target C=1.62A at 4330, which is near the 23% Fib retrace for major [4] at 4334. Note: The alternate (blue) count is confirmed on a break below 4495.
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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