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    SCI-SCV, SCA-SCC: Super Cycle
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August 11th, 2022: SP-500 Chart Update

Posted by pugsma on August 11, 2022

6:30 pm EST: The SP-500 gapped up from 4210 to 4227, quickly hit 4258 (day’s high), then dropped the rest of the day to 4101 (day’s low) and closed at 4107.

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 likely completed at 4258, just below where minor 3=1.78*minor at 4272. The minor 4 retrace targets are at the 23%/38% Fibs of 4145 to 4055. Ultimately once the minor 4 completes, the minor 5 of major [1]-P3 wave should target the 4364 to 4454, where minor 5=minor 1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946. However, minor 4 should ideally hold the recent 4080 low, which is just above the 38% Fib at 4055.
  2. 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 likely completed at 4258, just below where minor 5=0.62*minor 1 at 4272. The major [2] wave down is underway and should target the 50% Fibs at 3948. Note: Breaking below the recent low at 4080, would likely confirm the major [2] wave is underway.

Have a great weekend !

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

SP-500 weekly chart:

SP500 Technical Analysis

5 Responses to “August 11th, 2022: SP-500 Chart Update”

  1. Chrys said

    Steve – with irregular corrective waves what is the maximum that wave B is to wave A? I think you once mentioned 123%.

    If minor 3 topped yesterday at 4258 and minor 4 is in progress with

    wave a to 4201
    wave b so far to 4206 (114%)
    Wave c ??????

  2. kazoom1618 said

    Hi Steve – You’ve often mentioned that Fridays are rarely a bottom. Is that also true for tops?

  3. Jmarr said

    Just waiting on your Giddy Up! To get back in.

  4. MS53 said

    Major 2 in P1 of this cycle was only 23%.

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