July 8th, 2022: SP-500 Chart Update
Posted by pugsma on July 8, 2022
5:55 pm EST: The SP-500 gapped down from 3901 to 3890, quickly hit 3869 (day’s low), rallied to 3919 (day’s high), dropped to 3879, rallied to 3915 and closed at 3899.
Technical Indicators: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) wave count is that 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. Minor 1 of major [1]-P3 completed at 3946. The minor 2 wave dropped to 3739, which is within the 62%/78% Fibs retrace area of 3754 to 3705. The minor 3 wave target is at 4240, where minor 3 = 1.62*minor 1. Within minor 3 the first minute (1) up should target 3951 to 3998 before a minute (2) wave pull-back to a 50% Fib near 3818. Ultimately the major [1]-P3 wave should target the 4434 area into years end. Note: The primary (white/green) count minor 2 of major [1] wave remains valid above 3637.
- The alternate (blue) count is that P2-C3 is continuing lower towards the 50% Fib retrace of P1-C3 at 3505. Note: The alternate (blue) count remains valid below 3946.
- The alternate (red) count is that major [A]-P2-C3 completed at 3637. Next is a major [B]-P2 wave that will retrace to the 38% Fib at 4086. Minor A of major [B] competed at 3946. The minor B wave dropped to 3739, which is within the 62%/78% Fib area of 4754 to 4705. The minor C=A target is at 4048 to complete major [B]. Once major [B]-P2 completes, there will another large leg down for major [C]-P2 toward the 62% Fib retrace of P1-C3 at 3190. Note: The alternate (red) count minor B of major [B] wave remains valid above 3637.
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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