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April 6th, 2022: SP-500 Chart Update

Posted by pugsma on April 6, 2022

3:15 pm EST: The SP-500 gapped down from 4526 to 4494, dropped quickly to 4460 and traded sideways, bounced to 4498, dropped to 4450 (day’s low), rallied to 4503…

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

Wave Counts: With the SP-500 at 4460 and just slightly above the primary (white/green) count invalidation point of 4417, two alternate counts must also be considered. The primary (white/green) count is 55% probable, the alt(blue) count is 25% probable, and the alt(red) count is 20% probable.

  1. The primary (white/green) count s 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 4460, which is in the 38% Fib target area of 4455. Once the minor 4 wave completes, the minor 5 wave up has a minor 5 = minor 1 target at 4762 to complete major [1]-P3.  Note: This primary (white/green) wave count is valid as long as minor 4 remains above the minor 1 of major [1] high at 4417.
  2. The alternate (blue) count is that major [1]-P3-C3 topped at 4637 and now a major [2] wave down is underway to the 50%/62% Fibonacci of major [1] at 4376/4314. Note: The alt(blue) count is valid above the P2 low at 4115.
  3. The alternate (red) count is that major [B]-P2-C3 topped at 4637 and now a major [C]-P2 wave down is headed toward the 38% Fibonacci retrace of P1 at 3821. There is a major [C]=[A] target at 3933. Note: The alt(red) count is valid below the P1 high at 4819.

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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