November 4th, 2022: SP-500 Chart Update
Posted by pugsma on November 4, 2022
4:45 pm EST: The SP-500 gapped down from 3720 to 3767, quickly hit 3796 (day’s), dropped to 3709 (day’s low), then rallied to close at 3771.
Technical Analysis: Print SharpCharts from StockCharts.com
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. Minor 1 of major [1]-P3-C3 rallied from 3492 to complete at 3912. The minor 2 wave retraced to 3698, which is the 50% Fib. The minor 3 wave up is just getting underway with an initial target of M3=1.62M1 at 4378. Note: The primary (white/green) count minor 2 wave is valid above the P2-C3 low at 3492.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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