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March 1st, 2022: SP-500 Chart Update

Posted by pugsma on March 1, 2022

5:55 pm EST: The SP-500 opened flat from 4374, briefly rose to 4378 (day’s high), then slid all day to 4279 (day’s low) before closing at 4306.

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

Wave Counts: The primary (white/green) count is 60% probable, and the alternate (blue) count is 40% probable. 

  1. The primary (white/green) wave count is that P2-C3 bottomed at 4115. The P3-C3 wave is just in its very early stages with the first minor 1 of major [1]-P3-C3 wave reaching 4389, the 13-day EMA and down channel upper line area. The minor 2 pull-back is underway and has reached the 38% Fib area at 4279. This could be end of minor 2 or there are lower Fibs of 50%/62% at 4252/4219.  Note: This primary (white/green) wave count is valid above 4115 and is confirmed on a break above 4595.
  2. The alternate (blue) 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 4115. The minor 2 wave completed at 4389 just below the 62% Fib at 4413 and near the down channel upper line. The minor 3 of major [C] wave is underway and is headed below 4115 to a target at 3799, where minor 3 = 1.62*minor 1.  Note: This alternate (blue) wave count is valid below 4595 and is confirmed on a break below 4115.

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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