April 19th, 2022: SP-500 Chart Update
Posted by pugsma on April 19, 2022
2:15 pm EST: The SP-500 opened flat from 4391, rose to hit 4456 (day’s high), dropped 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 75% probable, and alternate (red) count is 25% probable.
- The primary (white/green) count is that P2-C3 bottomed at 4115. The major [1] of P3-C3 wave up is underway, but in the very early stages. The minor 1 of major [1] wave reached 4637. The drop to 4370 was the minor 2 wave, that retraced to just below the 50% Fib area of 4376. The minor 3 wave up is just getting underway. The minor 3 = 1.62*minor 1 target is 5216. Note: This primary (white/green) wave count is valid above 4370.
- The alternate (red) count is that the P2-C3 wave down is still ongoing. Major [A]-P2 ended at 4115 and the major [B]-P2-C3 topped at 4637. Now the major [C]-P2 wave down is headed toward the 38% Fibonacci retrace of P1-C3 at 3821. Within major [C], the first minor 1 wave completed at 4381 and now the minor 2 wave bounce is head to the 38%/50% Fibs at 4478/4509. Once minor 2 completes, the minor 3 wave down should target 1.62*minor 1 target it at 4063. There is a major [C]=[A] target at 3933 to complete P2. Note: The alternate (red) count is valid below 4637.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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