October 21st, 2022: SP-500 Chart Update
Posted by pugsma on October 21, 2022
5:05 pm EST: The SP-500 opened flat from 3665, dropped quickly to 3647 (day’s low) then rallied steadily all day to 3757 (day’s high) and closed near the high at 3752.
Chart Pattern: There is potential bullish Inverse Head and Shoulder (IHS) Pattern on the 60-min chart with head at 3492, sloping neckline at 3785 average and target at 3785 + (3785-3492) = 4078.
Calendar Year Seasonality (SP-500):
4-Year Presidential Cycle Seasonality (DJIA-30):
Wave Count: 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 up is underway and will move above 3900, with a (3)=1.62(1) target at 3936. The minor 1 of major [1] target is the 4086 pivot area. Note: The primary (white/green) count is valid above 3492.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
2 Responses to “October 21st, 2022: SP-500 Chart Update”
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pugsma said
Up!
pugsma said
Simple but classic technical analysis here:
https://twitter.com/fundstrat/status/1583592335958364161?s=46&t=POGpq18Wh5-obXj4nJ_ZbA