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July 20th, 2022: SP-500 Chart Update

Posted by pugsma on July 20, 2022

2:00 pm EST: The SP-500 opened flat form 3934, rose to hit 3974, pulled back to 3937…

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. 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. Within minor 3, the minute (1) wave completed at 3902 and minute (2) retraced nearly 50% to 3819. The minute (3) wave up is underway with target at 4111, where (3)=1.62(1). Ultimately the major [1]-P3 wave should target the 4417 area into years end. Note: The primary (white/green) count minor 2 of major [1] wave remains valid above 3637.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] and the 38% Fib retrace is 4086. Withing minor C, the minute (1) wave completed at 3902 and minute (2) retraced nearly 50% to 3819. The minute (3) wave up is underway with target at 4041, where (3)=1.23(1). 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 15-min chart:

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

15 Responses to “July 20th, 2022: SP-500 Chart Update”

  1. pugsma said

    What a great move up by TSLA per my 2022 CCA Service forecast issued before earnings! 💰💰💰😎

  2. pugsma said

    Interesting chart here from Tom McCellan

    https://twitter.com/mcclellanosc/status/1550131676654669831?s=21&t=HHE2UupADQJ2aAH_jKNlGA

  3. pugsma said

    Great chart here on where the SP500 year 2022 bear market fits in my 3 other recession periods.

    The are all 3 scenarios shown here:
    1) The SP500 bottom is like 1946 (primary white/green count)
    2) There is one more lower low later this year like 1968 (maybe a new alt count?)
    3) There is LONG way to go to the low like year 2000 (alt red count)

    https://twitter.com/timmerfidelity/status/1550133066382749696?s=21&t=xgybuQnDn78rKKFD9NY08g

  4. WaterRock said

    Is it possible that we are still in i of (3)?

    • pugsma said

      I like todays 3927 back-test of the 50-SMA as ii-(3).

      Wave iii-(3) of minor 3 up underway!!!

      • WaterRock said

        Thank you!

      • Stephen Schneider said

        Your call for a wave ii back-test to 3920 max yesterday was spot-on, Steve – what a great call! (Your comments kept me very long, by the way – which hopefully will lead to some solid wave iii profits.)

        S.

        • pugsma said

          This was the cue on Tuesday to look buy the dips, as the markets are in a wave minute (3) of minor 3 up on the SP500, QQQ, and IWM.

          Pugsma said

          July 19, 2022 at 1:35 pm e
          Giddy, Giddy, Giddy Up!!!

  5. stevesumma said

    Do you think (ii) completed or is today’s price action just an aberration of the Tesla price action effect on NAZ and S&P?

  6. pugsma said

    Another great day! 💰💰💰😎

    The King is Dead! Long Live the King!

  7. Greg Polites said

    HI Steve; how do we discriminate the white from the red call in advance? Or besides an obvious major decline what should we be looking for as the red call approaches the top of its B wave? Cheers, Greg

    • pugsma said

      Above 4819 invalidates the alt(red) count.

      Below 3637 validates the alt(red) count.

      For some finer detail:

      1) B waves rarely retrace more that 50%, which is at 4227. So above 4227 the alt(red) is unlikely.

      2) 50-day SMA at 3920 should hold pull-backs for the primary count iii-(3) of minor 3 wave higher.

      • Greg Polites said

        Thanks Steve – excellent and exactly what I was looking for, cheers, Greg

  8. Charles Goettsche said

    A-D Line broke the downtrend line from the 01-04 high.

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