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June 10th, 2022: SP-500 Chart Update

Posted by pugsma on June 10, 2022

7:20 pm EST: The SP-500 gapped down from 4017 to 3974, hit 3901, rallied to 3943 (day’s high) and closed on the low at 3900.

Technical Indicators: The is “potential” +DIV developing on the NYMO and NYSE A-D Line Cumulative with the identical SP500 closing lows of 3900.86 vs 3900.76 from June 10th vs May 20th. There is also a “potential” -DIV developing on the VIX.

Wave Counts:

  1. For the primary (white/green) count minor 2 of major [1]-P3-C3 wave, the move down from 4177 to 3900 has retraced more that the 62% Fib at 3946 and is nearing the 78% Fib at 3891 and the 88% Fib of 3854. Once a wave 2 retraces more than 62%, there is greater chance the previous low won’t hold. Consequently, I’ve added a couple additional wave counts for the possible scenario of a break of the low of 3810 from May 20th. Note: The primary (white/green) wave count is valid above 3810.
  2. The alternate (blue) count is a slight modification of the primary (white/green) count P2 major [A]-[B]-[C] single zig-zag, where one more slightly lower low for minor 5 of major [C]-P2 plays out to targets are 3771 to 3665.
  3. The alternate (red) count is completely different P2 wave count for a major [W]=[X]=[Y] double zig-zag that will reach at least the 50% Fib retrace of P1 at 3501. This alternate (red) count certainly has a the “right look” when you compare some of the wave ratios between major [W] and major [Y].

Have a great weekend!

SP-500 15-min:

SP500 Technical Analysis

SP-500 60-min:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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