March 18th, 2022: SP-500 Chart Update
Posted by pugsma on March 18, 2022
1:45 pm EST: The SP-500 gapped down from 4410 to 4407, quickly hit 4390 (day’s low), then rose steadily all day to 4440…
Technical Indicators: See the SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com
Wave Counts: The primary (white/green) count is 70% probable and the alternate (red) count is 30% probable.
- 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 4417. The minor 2 pull-back ended near the 88% Fib (4151) at 4158. The minor 3 = 1.62*minor 1 target is at 4646. The minor 4 wave should pull-back to a 23% Fib at 45t33 and the minor 5=1 target is at 4835 to complete major [1]-P3. Note: This primary (white/green) wave count is valid above 4115.
- The alternate (red) wave count is that P2-C3 is ongoing as major [W]-[X]-[Y] double zig-zag correction to the 38% Fib retrace of P1 near 3821. The major [W]-P2 wave completed at 4115. The major [X]-P2 wave is likely headed for the 50% to 62% Fib retrace at 4467 to 4551. There is C=A target 4460 and C=1.38A target 4574 to complete major [X]. Once major [X]-P2 wave is complete, the final major [Y]-P2 wave will head for 3821. Note: This alternate (red) wave count is valid below 4819 and is confirmed on a break below 4115.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.