November 18th, 2022: SP-500 Chart Update
Posted by pugsma on November 18, 2022
5:20 pm EST: EOD 15-min and 60-min chart updates. With the low of day at 3935 and close at 3965, the Primary (white/green) count is looking good targeting 4086 pivot for wave i-(3) of minor 3 and remaining valid above 3903. The lower probability alternate (blue) count must hold below 3980 and break below 3906 targeting the 50%/62% Fibs of 3863/3824 for wave (2) of minor 3.
15-min chart (EOD):
60-min chart (EOD):
1:10 pm EST: The SP-500 gapped up from 3948 to 3966, quickly hit 3980 (day’s high), dropped to 3936…
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. Thurs, Nov 17th was a back-test of the IHS neckline 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.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.