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August 15th, 2022: SP-500 Chart Update

Posted by pugsma on August 15, 2022

9:15 am EST: Of Friday the SP-500 gapped up from 4207 to 4225, then rose steadily all day to close on the highs at 4280.

Technical Analysis: 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 4280, just above where minor 3=1.78*minor at 4272. The minor 4 retrace targets are at the 23%/38% Fibs of 4151 to 4068. Wave 4 could form a triangle to alternate with the minor 2 zig-zag. Ultimately once the minor 4 wave completes, the minor 5 of major [1]-P3 wave should target the 4377 to 4460, 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 4068.
  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 4280, just above 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.

SP-500 15-min chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 60-min chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 4-hr chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 daily chart (EOD 8-12-22):

SP500 Technical Analysis

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