May 2nd, 2022: SP-500 Chart Update
Posted by pugsma on May 2, 2022
3:05 pm EST: The SP-500 opened flat from 4133, dropped to 4105, rallied to 4170 (day’s high), then slid hard the rest to the day to 4063…
Technical Indicators: See the SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com
Wave Counts: The primary (white/green) count is 51% probable, and alternate (red) count is 49% probable.
- The primary (white/green) count is that P2-C3 is near a completion and should slightly undercut the February 4115 low. The major [C] target is between [C]=0.78[A] at 4088 and major [C]=0.88[A] at 4017. Note: A break above 4370 is required to confirm the P2-C3 bottom of the primary (white/green) count.
- The alternate (red) count is that the P2-C3 wave down is still ongoing and will target at least the 38% Fib of P1 at 3821 (maybe lower to the 50% Fib at 3506). Within the P2 wave, major [A] ended at 4115 and the major [B] wave topped at 4637. Now the major [C] wave down is headed towards at least 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, just above 50% Fib at 4504. The minor 3 wave down is underway and should target 1.62*minor 1 at 4079 to 2.0*minor at 3978. Once minor 3 ends near 4079, the minor 4 should retrace to the 23%/38% Fib area of 4161 to 4233, before the final minor 5 drops lower towards where major [C]=[A] target at 3933 and the 38% Fib at 3821 to complete P2. Note: The alternate (red) count is valid below 4370.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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