July 23rd, 2022: SP-500, IWM and QQQ Chart Update
Posted by pugsma on July 23, 2022
12:45 pm EST: On Friday, July 22nd the SP-500 opened flat from 3999, quickly spiked to 4012 (day’s high) and dropped steadily all day to 3939 (day’s low) and closed at 3962.
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. 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 minute (3) of minor 3 of major [1] wave up remains valid above the minute (2) of minor 3 low at 3819.
- The new alternate (blue) count variation to the primary (white/green) count is that minute (1) of minor 3 of major [1]-P3-C3 completed at 3999. The minute (2) wave should now retrace to the 50% Fib at 3861. Note: The alternate (blue) count minute (2) of minor 3 wave up remains valid above the minor 2 low at 3722.
- 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. Today the SP500 hit 3999 and is only 32 points short of the 4031 target and hit the upper down channel line. 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 is confirmed on a break below 3722 and then below 3637.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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