November 29th, 2022: SP-500 Chart Update
Posted by pugsma on November 29, 2022
4:55 pm EST: The SP-500 opened flat from 3964, quickly dipped t0 3957, rallied to 3977 (day’s high), then dropped 3938 (day’s low) and closed at 3957.
Technical Analysis: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) count is that minor 1 of major [1]-P3-C3 was the move up to 3912 from 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 completed at 3906, which was a 38% Fib retrace. The initial wave i of minute (3) completed at 4034. Wave ii-(3) has hit the 78% Fib at 3938 and could be complete or could target the 88% Fibs at 3921. Once wave ii-(3) end, the wave iii-(3) will break above 4034 towards the 4191 pivot area. Note: The primary (white/green) count for wave ii-(3) is valid above the minute (2) low at 3906.
- The alternate (blue) count variation is that the minute (2) of minor 3 is still underway as a flat wave targeting the 38% Fib at 3803 or an expanded flat wave targeting the 50%/62% Fib at 3864/3824. Note: The alternate (blue) 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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