January 31st, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on January 31, 2023
3:35 pm EST: The SP-500 gapped up from 4018 to 4020, rose all day to 4060…
P2-C3 Price and Time Fibonacci Targets: The P1-C3 bull wave rose from 2192 to 4819 and lasted from end of March 2020 to beginning of January 2022 (21 months). Target for P2-C3: 50% Fib of Price and Time is at 3505 and 10.5 months (mid-Oct to mid-Nov 2022). (Primary count P2-C3 low at 3492 on Oct 13th, 2022).
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYSE A-D Line Cumulative (1-11-23): Made a new closing high above where the SP-500 hit 4100 in early December. The NYSE A-D Line cumulative often leads the SP500, meaning the SP500 should break above 4100.
- NYSE (1-20-23): The NSYE A-D Line cumulative again made a new recovery high. This again shows tremendous underlying broad market buying.
Wave Count:
- The primary (white/green) wave 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 completed at 3764 just below the 50% Fib of 3796. The minor 3 wave up is underway with a minimum target of minor 3 = minor 1 at 4372. Within minor 3, the minute (1) of minor 3 wave ended at 4015. The minute (2) wave pull-back completed at 3885 near the 50% Fibs of 3889. The minute (3) wave up should break above 4015 and then above 4100 and has a (3)=1.62(1) target at 4292. Withing minute (3), wave i-(3) reached 4039 and ii-(3) retraced to 3949 at the 62% Fib area. Wave iii-(3) is underway with a target of 4198, where iii=1.62i. Note: The primary (white/green) as labeled is valid above 3885.
- A slight variation to the primary count is the alternate (blue) count that has minute (1) of minor 3 complete at 4094. The minute (2) of minor 3 wave pull-back is underway to a 38%/50% Fib retrace target area of 3967 to 3929. Note: The alternate (blue) as labeled is valid above 3764.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 monthly chart:
IWM 60-min chart:
QQQ 60-min chart:
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