November 30th, 2022: SP-500 Chart Update
Posted by pugsma on November 30, 2022
5:15 pm EST: The SP-500 opened flat from 3957, traded sideways between 3938 (day’s low) and 3965 for most of the day, then rallied sharply to close on the high at 4080.
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 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) hit the 78% Fib at 3938. Wave ii-(3) up is underway towards 4191 pivot area, where iii=1.23i. The wave minute (3) target is at 4313, where (3)=1.23(1). Note: The primary (white/green) count for wave ii-(3) is valid above the minute (2) low at 3906.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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