April 21st, 2022: SP-500 Chart Update
Posted by pugsma on April 21, 2022
7:45 pm EST: The SP-500 gapped up from 4459 to 4488, quickly hit 4512 (day’s high), then dropped steadily all-day to 4384 (day’s low) and closed at 4494.
Technical Indicators: See the SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com
Wave Counts: The primary (white/green) and alternate (blue) count combination is 55% probable, and alternate (red) count is 45% probable. Note: below the 62% Fib of 4313, the alternate (red) count becomes the most probable wave count.
- 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. Within minor 3, minuette i of minute (1) reached 4512 and minute (1) should reach the 4819 all-time high. Note: The primary (white/green) wave count is valid above 4370.
- The alternate (blue) count is a slight variant to the primary count is that the minor 2 of major [1]-P3 wave will retrace deeper to the 62% Fib at 4313. Note: The alternate (blue) count is valid above the P2 low at 4115.
- 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 4370 and the minor 2 wave bounce hit 5212 within the 50%/62% Fib area at 4504/4536. The minor 3 wave down is underway and should target 1.62*minor 1 target it at 4079. There is a major [C]=[A] target at 3933 to complete P2. Note: The alternate (red) count is valid below 4512.
House Keeping: There will be no blog update on Friday, April 22nd and the next blog update will be on Monday, April 25th.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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