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October 17th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on October 17, 2022

11:30 am EST: The SP-500 gapped up from 3586 to 3638, quickly hit 3690, dropped to 3657…

Technical Analysis Indicators: Print SharpCharts from StockCharts.com

P2-C3 Price and Time Fibonacci Targets: The P1-C3 wave rose from 2192 to 4819 and lasted from end of March 2020 to beginning of January 2022 (21 months). For P2-C3:

  1. 50% Fib of Price and Time is at 3505 and 10.5 months (mid-Oct to mid-Nov 2022).
  2. 62% Fib of Price and Time is at 3190 and 13 months (Jan to Feb 2023).

Wave Counts:

  1. The primary (white/green) count is that major [Z]-P2-C3 bottomed at 3492 right at the 50% Fib in price (3505) and 50% Fib in time (Oct 2022) of P1-C3. Minute (1) of minor 1 of major [1]-P3 complete at 3712. The minute (2) pull-back completed at 3580, at the 62% Fib retrace of 3576. The minute (3) wave is underway and will move above 3900, with a (3)=1.62(1) target at 3936. The minor 1 target is the 4086 pivot area. Note: The primary (white/green) count is valid above 3492.
  2. The alternate (blue) count is that [Y]-P2-C3 is headed to the 62% Fib of P1-C3 in price (3190) and the 62% Fib in time (Jan-Feb 2023). The minor A of major [Y] completed at 3492. The minor B wave is now headed for the 50%/62% Fib at 3909 to 4009. Within minor B, minute (a) completed at 3712 and now minute (b) retraced to the 62% Fib at 3576. The minute (c) wave is underway and will move above 3900 to complete minor B. Note: The alternate (blue) count is valid above 3492.
  3. The alternate (red) count is that major [C]-P2-C3 to the 62% Fib of P1-C3 in price (3190) and the 50% Fib in time (Oct-Nov 2022). Minor 1 of major [C] was the drop from 4326 to 3887. Minor 2 was the 50% Fib rise from 3887 to 4119. Minor 3 wave completed at 3584, where M3=1.23M1 = 3579. Minor 4 has retraced to 3807 to just above the 38% Fib at 3787. The minor 5 wave lower is underway and should target 3368, where minor 5=1. Within the minor 5 wave, minute (1) ended at 3492 and the minute (2) wave completed at 3712 between the 62% and 78% Fibs of 3887/3737. The minute (3) wave lower is under with an initial target at 3397, where (3)=(1). Note: The alternate (red) wave count is valid below the minor 4 high at 3807.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

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