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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

40 Responses to “June 10th, 2022: SP-500 Chart Update”

  1. pugsma said

    NYSE A-D Line Cumulative Observation:


  2. pugsma said

    My thoughts on $CPC (closed at 1.28) and $CPCE (closed at 0.89), both really high EOD Friday.

    Lots of equity only puts ($CPCE) bought on Friday


  3. stevesumma said

    Correct me if I am wrong. My understanding is that in Elliot Wave theory, wave 2 cannot retrace more than 50%. So my math is 4177 – 3810 = 367. Then 367* .5 = 183.5 So 4177 – 184 = 3,993. Since we broke 3,993 does that support Red forecast?

  4. pugsma said

    Now that the SP500 has broke the 3810 low the atl(blue) count variation of the primary count becomes the new primary (white/green) count.

    Once minute (3) of minor 5 of major [C]-P2 completes there will need to be a minute (4) bounce followed by another leg down for minute (5).

  5. pugsma said

    The Trifecta SP500 Buy trigger has a chance to fire on the close today.


  6. pugsma said

    NYSE A-D Line Cumulative still attempting to hold the +DIV vs new SP500 price low.


  7. pugsma said

    Big Picture:

    1. The alt(blue) count shown on the charts is the primary (white/green) now. P2-C3 to bottom between 3771 and 3665 in June.

    2. The alt(red) count shown on the charts is the alt(blue). P2-C3 to bottom at the 50% Fib of 3501 in July to August.

    Both 1 and 2 above assume no recession in 2022 to 2023.

    There will be a new recession in late 2022 to 2023 wave count that alt(red) count that has P2-C3 dropping to at least the 62% Fib at 3190 into late 2022 to early 2023.

  8. Robert Warmington said

    Please give us an update on the Bitcoin chart. Thanks

  9. pugsma said

    Looking like a small triangle here in the 5-min chart. Likely minute (3) will drop below 3751 into the close.

  10. pugsma said

    Perspective: SP500 weekly chart above shows that the year 2011, P2-C1 wave was a 42% retrace, which would be 3715. Thus, not even there yet but getting closer.

  11. pugsma said

    If we can get a 50 to 100 point down on Tuesday, that should do it for a ST tradable low.

  12. pugsma said

    As shown on the SP-500 daily chart, Dec 31s, 2022 closed at 3756. Today can close below 3756 and wipe out all of 2021 gains!

  13. pugsma said

    200-week EMA at 3638

    200-week SMA at 3503

    Those weekly moving averages held all pullbacks since then year 2009.

  14. pugsma said

    NYSE 97% Down Volume day!

    Might be near a record.

  15. hmeda said

    Looks like we got the Trifecta. Is it insignificant at this point?

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