June 23rd, 2022: SP-500 Chart Update
Posted by pugsma on June 23, 2022
8:40 pm EST: The SP-500 gapped up from 3758 to 3775, rose to hit 3796, dropped to 3744 (day’s low), rose to 3802 (day’s high) and closed at 3796.
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- Since Friday, June 17th, I pointed that the SP500 vs NYMO vs VIX chart was pointing to ST and IT bottom at 3637 due to the +DIV on the NYMO and -DIV on the VIX. On Monday, June 13th the NYMO closed at -77 with a 4-month long +DIV. And then on Thursday, June 16th the NYMO closed with a ST +DIV at -72. Today, June 23rd the NYMO closed at +0.05.
Wave Counts:
- The primary (white/green) wave count is that minute (5) of minor 5 of major [C]-P2-C3 completed at 3637, where [C]=1.38[A] at 3665. The Minute (1) of minor 1 of major [1]-P3-C3 wave completed at 3779 and minute (2) wave at 3718. The minute (3) target area is 4003, where (3)=2.0(1). Minor 1 should reach the 4086 pivot area. Note: The primary (white/green) count if valid above 3637.
- The alternate (blue) count is a slight variant of the primary (white/green) count, where minute (3) of minor 5 ended at 3637 and the current move up is a minute (4) wave bounce to the 38% Fib of 3838. Once minute (4) wave completes, the final minute (5) of minor 5 of major [C] wave should drop below 3637 to where [C]=1.62[A] at 3947 and the 50% Fib retrace of P1-C3 is at 3505. Note: The alternate (blue) count is valid below 4099.
- The alternate (red) count has been modified into a situation where the SP500 will produce an IT rally to 4200-4300 into year end 2022 and fall to new lows towards 3200 into year 2023 as a deeper recession unfolds. Major [A]-P2-C3 completed at 4637. Next a major [B]-P2 wave will retrace to the 50%/62% Fib at 4228 to 4370. Then a final major [C]-P2 wave will drop to the 62% Fib of P1 at 3190.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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