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July 27th, 2022: SP-500 Chart Update

Posted by pugsma on July 27, 2022

5:10 m EST: The SP-500 gapped up from 3921 to 3951, rose to 3892, hesitated for bit and then rallied to 4039 (today’s high) and closed at 4023.

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 4340, where minor 3 = 2.0*minor 1. Within minor 3, the minute (1) wave completed at 4012 and minute (2) wave completed at 3911 near the 38% Fib of 3902. The minute (3) of minor 3 wave up is underway with a target 4268, where (3)=1.23(1). Ultimately the major [1]-P3 wave should target the 4488 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) minor 3 low at 3911.
  2. The alternate (red) count is that major [Y]-P2-C3 completed at 3637. The P2 wave is playing out as a double Zig-Zag major [W]-[X]-[Y]-[X]-[Z]. Next is a second major [X] wave that retrace retrace to the 38%/50% Fib at 4017 to 4137. Minor A of major [X] 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, which is near the 38% Fib retrace is 4017 and he minor C=1.38A target is 4138, which is near the 50% Fib retrace of 4137. Once major [X] completes, there will another leg down for major [Z] towards at least the 50% Fib retrace at 3505 and possibly as low as the 62% Fib retrace of P1-C3 at 3190. Note: The alternate (red) count is fully confirmed on a break below 3637, but a break below 3911 would be an early indication.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

3 Responses to “July 27th, 2022: SP-500 Chart Update”

  1. Guy Wilson said

    Thx for everything Pug! Is there still anything that could point to the blue alt?
    I would also like to wish you all a really beutiful summer!

  2. orion.colorado said

    Fwiw: Thanks for the additional background. I was reverting to cash as able yesterday and it was nice to know I was in good company when I checked in here later in the day.

  3. kazoom1618 said

    SPX and VIX both closed outside daily BBs. NYMO squeaked just inside BBs.

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