November 17th, 2022: SP-500 Chart Update
Posted by pugsma on November 17, 2022
3:00 pm EST: The SP-500 gapped down from 3959 to 3920, quickly hit 3906 (day’s high), rallied to 3954 (day’s high), then fell to 3931…
Technical Analysis: Print SharpCharts from StockCharts.com
Chart Pattern: There is a confirmed bullish Inverse Head and Shoulders (IHS) on the 60-min chart with head at 3492, neckline at 3912 and target of 4332 (The daily close at 3954 above the 3912 neckline on Thursday, Nov 10th triggered the pattern. Today, Nov 17th was a back-test of the IHS neck-line at 3906).
Wave Count: The primary (white/green) count is that minor 1 of major [1]-P3-C3 was the move up to 3912 for the P2-c3 low at 3492. The minor 2 wave retraced to the 50% Fib of minor 1 at 3698. The minor 3 wave up is well underway with an initial target of M3=1.62M1 at 4378. Within minor 3, the minute (1) wave reached 4029. The minute (2) wave may have completed at 3906, which was a 38% Fib retrace or may need to drop further to the 50%/62% Fib retrace area of 3863/3824 (alt blue label). Once minute (2) wave completes the wave (3) will break above 4029. Note: The primary (white/green) count is valid above the minor 2 low at 3698.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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