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August 3rd, 2022: SP-500 Chart Update

Posted by pugsma on August 3, 2022

5:10 pm EST: The SP-500 gapped up from 4090 to 4108, rallied all day to hit 4167 (day’s high) and closed at 4155

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 4222, where minor 3 = 1.62*minor 1. Within minor 3, minute (4) completed at 4080 and now minute (5) up is underway. Once minor 3 complete the minor 4 retrace target is the 23% Fib at 4107. Ultimately, minor 5 of major [1]-P3 wave should target the 4298 where minor 5=0.62*minor 1 or could climb as high as M5=M1 at 4416. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946.
  2. The new alternate (blue) count is a slight variant of the primary (white/green) count that has the minor 4 of major [1] low at 4080 and the final minor 5 wave up to a target of M5=0.50*M1 at 4235. Note: The alternate (blue) count is valid above the minor 4 low of 4080.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

One Response to “August 3rd, 2022: SP-500 Chart Update”

  1. Preston Morris said

    200 day is at $41,000.

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