August 16th, 2022: SP-500 Chart Update
Posted by pugsma on August 16, 2022
4:45 pm EST: The SP-500 gapped down from 4297 to 4291, quickly hit 4278 (day’s low), then rose steadily to 4326 (day’s high), dropped to 4291 and closed at 4304.
Technical Analysis: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 likely completed at 4236, just below where minor 3=2.0*minor at 4340 and at the 200-day SMA (4326). The minor 4 retrace targets are at the 23%/38% Fibs of 4187 to 4096. 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 4405 to 4496, 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 below the 38% Fib at 4096.
- The alternate (blue) count is a slight variant of the primary (white/green) count that has minor 3 extending higher towards minor 3=2.23*minor 1 at 4411. Once minor 3 completes at 4411, minor 4 should retrace to the 23% Fib at 4252, before the minor 5=minor 1 end at 4562. :
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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