August 8th, 2022: SP-500, IWM and QQQ Chart Update
Posted by pugsma on August 8, 2022
5:35 pm EST: The SP-500 gapped up from 4145 to 4155, quickly hit 4186 (day’s high) then reversed and dropped to 4129 (day’s low) and closed at 4140.
Technical Indicators: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 is complete or near complete at 4186. The minor 4 retrace target is at the 23% Fibs of 4096 to 4023. Ultimately once the minor 4 completes, the minor 5 of major [1]-P3 wave should target the 4288 to 4332, where minor 5=0.62*minor 1 to minor 5=1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946.
- The 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 or near complete at 4186. The major [2] wave down is underway and should target the 50%/62% Fibs at 3912/3846. Note: The alternate (blue) count is invalid above 4208 (Ending Diagonal Max).
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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