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April 5th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on April 5, 2022

4:35 pm EST: The SP-500 opened flat from 4582, quickly hit 4593 (day’s high), then drift lower the rest of the day to hit 4514 (day’s low) and closed at 4526.

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

  1. Chart Pattern: There is potential bullish IHS pattern on the SP-500 targeting 4865, a new all-time new high. There is also a potential bullish IHS pattern on the QQQ and potential bullish double bottom pattern on the IWM. 
  2. 13-day EMA vs 34-EMA vs 50-day: Aligned bullish with the 13-day EMA (4515) above the 34-day EMA (4460) above the 50-day SMA (4418) and all sloping upward.

Wave Counts: The primary (white/green) count is > 80% probable and the old alternate (red) count with the P1-C3 top at 4819 and the P2-C3 headed to 3821 is < 20% probable and has been removed for the charts (Note: A move below 4417 is required to bring this bearish alt (red) wave count back to the charts with a > 30% probability).

  1. The primary (white/green) wave count is that P2-C3 bottomed at 4115. The major [1] of P3-C3 wave is underway. The minor 1 of major [1] reached 4417. The minor 2 pull-back ended near the 88% Fib (4151) at 4158. The minor 3 wave ended at 4637, where minor 3 = 1.62*minor 1 =4646.  The minor 4 wave has reached 4508 thus, which is in the 23%/38% Fib target area of 4527 to 4455. There are couple options how this minor 4 wave can complete: 1) a triangle at 4508 or 2) a zig-zag to 4455. Once the minor 4 wave completes, the minor 5 wave up has a 1.23*minor 1 target at 4879 (new all-time high) to complete major [1]-P3.  Note: This primary (white/green) wave count is valid as long as minor 4 remains above the minor 1 high at 4417.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

5 Responses to “April 5th, 2022: SP-500, IWM and QQQ Chart Update”

  1. pugsma said

    The Elliott Wave Theory “guideline” of wave 4 vs 2 alternation would indicate that minor 4 should be a shallow (23%/38% Fib retracement) that is a triangle or flat vs the minor 2 wave that was a very sharp zig-zag to an 88% Fib retracement.

  2. pugsma said

    Had a subscriber pay for a TSLA chart update today, so the daily and weekly charts of TSLA were updated in the 2022 CCA.

    https://pugsma.com/custom-chart-archive-2022/

  3. pugsma said

    Nasdaq-100 insider buying is extremely high.

    https://twitter.com/jaykaeppel/status/1511338787804270596?s=21&t=IQfjg4QQAIWo_kaE_l37Eg

  4. pugsma said

    SP500 Cycle Composite (based on years 1950 to 2021) for 2022 shows that the strength ends in late April to early May, then summer weakness. Major [1]-P3 needs to break above 4635 in April before major [2]-P3 correction this summer. End of the year composite looks very strong for the major [3]-P3 wave higher.

    https://twitter.com/williedelwiche/status/1511310785846427651?s=21&t=IQfjg4QQAIWo_kaE_l37Eg

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