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October 28th, 2022: SP-500 Chart Update

Posted by pugsma on October 28, 2022

3:00 pm EST: The SP-500 opened flat from 3808, and then rose steadily all day to 3902…

Chart Pattern: There is a bullish Inverse Head and Shoulders (IHS) Pattern on the 15-min and 60-min chart with head at 3492, sloping neckline at 3785 average and target at 3785 + (3785-3492) = 4078.


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. After minute (3) completes, minute (4) should retrace to the 23% Fib at 3854. From the minute (4) low, the wave minute (5) target is at 4074, where (5)=(1) to complete minor 1 of major [1] near the 4086 pivot area.  Note: The primary (white/green) count wave (4) of minor 1 is valid above the minute (1) high at 3712.

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

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