December 8th, 2022: SP-500 Technical Analysis
Posted by pugsma on December 8, 2022
5:30 pm EST: The SP-500 gapped up from 3933 to 3947, quickly hit 3953, dropped 3937, rose to 3974 (day’s high) and closed at 3963.
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 underway with an initial target of M3=1.62M1 at 4378. Within minor 3, the minute (1) wave reached 4029. The minute (2) wave is playing out as a flat and may have completed at 3918 near the 50% Fib of 3899 or maybe need to reach the 62% Fib at 3850. Assuming minute (2) is complete at 3918, the wave minute (3) target is at 4325, where (3)=1.23(1). Note: The primary (white/green) count is valid above the minor 2 low at 3698.
- The alternate (blue) count is the completion of minor 1 of major [1]-P3-C3 as a leading diagonal at 4100, where minute (5)>(3)>(1). The minor 2 wave targets are at the 50%/62% Fibs at 3796/3726. Within minor 2, minute (a) looks to have completed at 3918 and a minute (b) bounce to a 38%/50% Fib at 3987/4009 is underway. Once minute (b) complete minute (c) of minor 2 will drop below 3918 towards the 3796/3726 target at area. Note: The alternate (blue) count is valid above the P2 low at 3492.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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