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February 16th, 2022: SP-500 Chart Update

Posted by pugsma on February 16, 2022

2-16-22, 12:55 pm EST: The gapped down from 4471 to 4456, quickly hit 4433, rallied to 4449, dropped to 4429…

Technical Indicators: See this SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com

Wave Count Options: The primary (white/green) count is 75% probable, and the alternate (red) count is 25% probable. 

  1. The primary (white/green) wave count is that P2-C3 bottomed at 4223. The P3-C3 wave is just in its very early stages and the first minor 1 of major [1]-P3-C3 wave reaching 4595. The minor 2 of major [1] wave played out as a zig-zig to the 62% Fib retrace area at 4365. Now minute (1) of minor 3 is underway headed above 4595. Within minute (1), wave i-(1) ended at 4473. Now wave ii-(1) is headed for the 50%/62% Fib at 4419/4406. Once ii-(1) ends, the wave iii-(1) wave will target the 4595 area.  Note: This primary (white/green) wave count is valid above 4223 is confirmed on a break above 4595.
  2. The alternate (red) wave count is that P2-C3 is ongoing as major [A]-[B]-[C] zig-zag correction to the 38% Fib retrace of P1 near 3821. The major [A]-P2 wave completed at 4223. The major [B]-P2 wave was a 62% Fib retrace at 4595. Now major [C]-P2 is now headed low towards a target of major [C]=[A] at 3999. Within major [C], wave minor 1 ended at 4365. The minor 2 wave retraced to near the 50% Fib at 4480. Now minor 3 of major [C] is headed to a target at 4100, where minor 3 = 1.62*minor 1.  Note: This alternate (red) wave count is valid below 4595 and is confirmed on a break below 4223.

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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