July 18th, 2022: SP-500, IWM and QQQ Chart Update
Posted by pugsma on July 18, 2022
5:30 pm EST: The SP-500 gapped up from 3862 to 3883, quickly hit 3902 (day’s high), drifted lower the rest of the day to hit 3819 (day’s low) and closed at 3830.
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 3722, which is within the 62%/78% Fibs retrace area of 3754 to 3705. The minor 3 wave target is at 4223, where minor 3 = 1.62*minor 1. 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. Minute (1) of minor 5 of major [C]-P2-C3 completed at 3637 and minute (2) of minor 5 of minor 5 completed at 3946. The minute (3) wave of minor 5 is headed for (3)=0.78(1) at 3525. Note: The alternate (blue) count remains valid below 3919.
- 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 3722, which is within the 62%/78% Fib area of 4754 to 4705. The minor C=A target is at 4031 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.
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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