August 5th, 2022: SP-500 Chart Update
Posted by pugsma on August 5, 2022
1:05 pm EST: The SP-500 gapped down from 4151 to 4116, quickly hit 4107 (day’s low ) then reversed to full the 4151 gap…
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 competed at 4167, where minor 3 = 1.38*minor 1. The minor 4 retrace target is the 23% Fib at 4065, but maybe playing out a triangle that will hold ther recent 4080 low (see the 15-min chart for the minor 4 wave option details). Ultimately once minor 4 complete, the minor 5 of major [1]-P3 wave should target the 4257 where minor 5=0.62*minor 1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946.
- 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 complete at 4167. The major [2] wave down is underway and should target the 38%/50% Fibs are 3966/3902. Note: The alternate (blue) count is invalid above 4167.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.