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June 28th, 2022: SP-500 Chart Update

Posted by pugsma on June 28, 2022

11:55 am EST: The SP-500 gapped up from 3900 to 3913, quickly rose to hit 3946 (day’s high), dropped to 3859…

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. 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 and the P3-C3 wave up to new all-time high is just getting underway. The Minute (1) of minor 1 of major [1]-P3-C3 wave completed at 3779 and minute (2) wave at 3718. The minute (3) reached 3946, where (3)=1.62(1)=3948. Minute (4) should retrace 38% to 3859. Finally the minute (5)=(1) at 4001 to complete minor 1. Note: The primary (white/green) count minute (4) of minor 1 wave is valid the minute (1) of minor 1 high at 3779. However, anything beyond the 50% Fib at 3832 likely means the correct count is the alternate (blue).
  2. The alternate (blue) count variant to the primary is that minor 1 of major [1]-P3-C3 peaked at 3946. The minor 2 wave is underway with a 50%/62% Fib retrace target of 3791/3754. Note: The alternate (blue) count is valid above the P2-C3 low at 3637.
  3. The alternate (red) count has been modified into a situation where the SP500 will produce an IT rally to 4200-4300 into Aug/Sept 2022 and then fall to new lows towards 3200 into year 2023 as a 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.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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