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February 17th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on February 17, 2022

11:30 am EST: The SP-500 gapped down from 4475 to 4455, dropped to 4408, rebounded to 4422…

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

Wave Count Options: The primary (white/green) and alternate (blue) counts combination 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 4365 is confirmed on a break above 4495.
  2. The alternate (blue) count is that minor 2 of major [1]-P3 has come more work to do lower to the 78%/88% Fibs at 4305/4268. The double top at (4595, 4590) target is 4307. Note: This alternate (blue) wave count is valid above 4223 is confirmed on a break above 4495.
  3. 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 4490. Now minor 3 of major [C] is headed to a target at 4117, where minor 3 = 1.62*minor 1.  Note: This alternate (red) wave count is valid below 4495 and is confirmed on a break above 4223.

House Keeping: This is the final post of the week. The US Stock Markets are closed Monday, Feb 21st for the President’s Day Holiday. Next blog update on Tuesday, February 22nd.

Have a great weekend!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

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